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Gold imports to India touch 32-month low in January

New Delhi: The gold imports to India dipped 76% in January this year. The imports of the precious metal touched a 32-month low in the last month. The sharp dip in demand of yellow metal and rise in bullion price  are the main reason for this.

India is the world’s second-biggest gold importer. The country imported 11 tonnes of gold in January. It was at 45 tonnes in January 2022. In value terms, January imports dropped to $697 million from $2.38 billion a year earlier.

Also Read: India’s foreign exchange reserves report biggest decline in 11 months 

Lower imports of gold could weigh on benchmark gold prices, but the fall may help in bringing down India’s trade deficit and support the domestic currency.

 

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