Commodities

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

Reuters MUMBAI | Updated on January 03, 2020 Published on January 03, 2020

India's gold imports in 2019 fell 12 per cent 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 per cent 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 per cent to $31.22 billion, he added.

Published on January 03, 2020
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