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Published on 6/04/2020 9:20:47 AM | Source: Reuters

India`s March gold imports hit 6-1/2-year low on record price - Government Source

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

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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.

(Reporting by Aftab Ahmed and Rajendra Jadhav; Editing by Shri Navaratnam)