Business Market 05 May 2020 India's gold im ...

India's gold imports plunge to three-decade low

REUTERS
Published May 5, 2020, 10:02 am IST
Updated May 5, 2020, 5:56 pm IST
The world’s second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago
India's April gold imports plunge 99.9% to three-decade low. (PTI Photo)
 India's April gold imports plunge 99.9% to three-decade low. (PTI Photo)

NEW DELHI: India’s gold imports plunged 99.9% year-on-year in April to their lowest in nearly three decades as air travel was banned and 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 50 kilograms of gold in April, down from 110.18 tonnes a year ago, the source said on Monday, who is not authorised to speak to the media.

 

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago, he added.

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Location: India, Delhi, New Delhi




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