India’s gold imports surged 67% in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed.
The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global gold prices, which are already close to their highest levels in three months.
Best since 2010
Spot gold values gained more than 13% last year, their best annual performance since 2010.
“Jewellers were replenishing inventory in the first half of 2017 after demonetisation in the last quarter of 2016,” Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, said on Tuesday.
The country’s overseas gold purchases in December stood at 70 tonnes, climbing 40% from a year earlier, GFMS data showed.
