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Business Market 06 Apr 2020 India's March g ...

India's March gold imports hit 6.5 year low

REUTERS
Published Apr 6, 2020, 9:44 am IST
Updated Apr 6, 2020, 10:18 am IST
The world’s second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago
India’s gold imports plunged more than 73% in March. (Photo- PTI)
 India’s gold imports plunged more than 73% in March. (Photo- PTI)

Mumbai: India’s gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source said on Monday.

The world’s second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago, the source said, who is not authorised to speak to the media.

 

In value terms, March imports dropped nearly 63% to $1.22 billion, he added.

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