Published on 2/07/2020 11:28:37 AM | Source: Reuters

India`s June gold imports plunge 86% year-on-year to 11 tonnes – government source

Posted in Commodity Top News| #Gold #Import Exports #Commodity #Government

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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.

(Reporting by Aftab Ahmed and Rajendra Jadhav; Editing by Christian Schmollinger)