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India's June gold imports plunge 86% due to record high prices

REUTERS
Published Jul 2, 2020, 1:44 pm IST
Updated Jul 2, 2020, 1:44 pm IST
The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago
India’s gold imports plunged 86% year-on-year in June. (PTI Photo)
 India’s gold imports plunged 86% year-on-year in June. (PTI Photo)

MUMBAI: India’s gold imports plunged 86% year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago, the source said on Thursday. The source asked to remain anonymous since he is not authorised to speak to the media.

 

In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago, he added.

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