March gold imports to India increased by 471% to a record 160 tons

Gold imports to India rose 471% year-on-year to a record 160 tonnes in March, a government source said on Thursday, as import tax cuts and price adjustments from record highs attracted retailers and jewelers.

Higher imports of the world’s second-largest bullion may support base gold prices, which corrected nearly 17% from a record high of $ 2,072 in August 2020.

Rising imports could increase India’s trade deficit and push the rupee.

In the March quarter, India imported a record 321 tons against 124 tons a year ago, the source said.

In value terms, imports rose to $ 8.4 billion in March from $ 1.23 billion a year ago.

In February, India reduced import duties on gold to 10.75% tax from 12.5% ​​to increase retail demand and reduce smuggling into South Asia.

“Many consumers have postponed their purchase due to rising prices. They rushed to buy after a sharp price correction,” said Harshad Ajmera, owner of JJ Gold House, a wholesaler in Kolkata.

  Rare exotic glowing mushrooms have been found in India

In March, local gold futures reached an annual low of Rs 43,320 per 10 grams.

Jewelers were building inventory after seeing significant retail demand, said a dealer from a merger in Mumbai with a bank of gold importers.

Last month, dealers charged premiums of up to $ 6 an ounce over official domestic prices, including 10.75% of imports and 3% of sales tax.

Gold imports to India could fall below 100 tonnes in April as jewelers fear the government could impose a blockade to delay growing coronavirus infections, the dealer said.

India reported 72,330 new COVID-19 infections overnight, according to the Ministry of Health on Thursday, the highest since October 11.

  TOP-7 best isolated monasteries in the world
Follow us on Google News

Also read


India reports 234,692 diseases – another daily record

According to the Ministry of Health, India has recorded a record daily increase in 234,692 Covid-19 infections in the last 24 hours. According to Reuters,...

New cases of coronavirus infection in India have reached records

New coronavirus infections in India reached a record on Wednesday when crowds of pilgrims gathered for a religious festival, despite oxygen shortages and severe...

Rare exotic glowing mushrooms have been found in India

A new variety of mushroom has been found in the state of Meghalaya in northeastern India. Nearly 600 species of bioluminescent fungi have been...

The cyclist set a world record after covering 3,600 km in 8 days

In this world, nothing is impossible for a strong-willed and passionate person, and Adil Teli from Kashmir simply proved that the statement is...

Last news