Markets

India 2019 gold imports hits 3-yr low as record high prices dent demand

Gold imports fell 12% from a year ago to the lowest level in three years as retail buying faltered.

India's gold imports in 2019 fell 12% from a year ago to the lowest level in three years as retail buying faltered in the second half after local prices rallied to a record high, a government source said on Friday.

Lower buying by the world's second biggest consumer of the precious metal could weigh on global prices that jumped 18% in 2019, but help New Delhi bring down the trade deficit and support the rupee.

India imported 831 tonnes of gold in 2019, down from 944 tonnes a year ago, the source said, who is not authorised to speak to the media. In value terms, 2019 imports fell nearly 2% to $31.22 billion, he added.

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Printable version | Feb 22, 2020 2:02:35 PM | https://www.thehindu.com/business/markets/india-2019-gold-imports-hits-3-yr-low-as-record-high-prices-dent-demand/article30468556.ece

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