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.
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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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