Gold imports of India touch lowest level in 2 decades

New Delhi: The gold imports of India declined by 79% in December last year. The gold imports touched the lowest level in 2 decades in December. The total gold imports of India  was at 20 tonnes in December, 2022. It was at  95 tonnes a year ago.

In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago. The country’s gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago.

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India is the largest importer of gold and world’s second-biggest consumer. India fulfills more than 90%   of its demand through imports. The country spent $36.6 billion on overseas purchases of gold in 2022. It was at a record high of $55.8 billion in 2021.