Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Gold September 07, 2021 03:30:49 PM

Gold Imports by India Doubled in August

Paul Ploumis
ScrapMonster Author
The cumulative imports during the initial eight months of the current year stood at 687 tonnes.
Gold Imports by India Doubled in August

SEATTLE (Scrap Monster): The demand for gold in India almost doubled in the month of August this year, compared with the same month a year before. The gold demand surged to hit the highest level in five months. The rising demand situation coupled with boosted purchase by jewellers ahead of festive season led to increased demand. Incidentally, India is the second largest gold consumer in the world, next to China.

The country imported 121 tonnes of gold in August 2021. This compares to imports of 63 tonnes in the same month in 2020. The value of gold imports surged higher from $3.7 billion in August 2020 to $6.7 billion this August. The cumulative imports during the initial eight months of the current year stood at 687 tonnes.

The dealers expect gold imports to touch nearly 80 tonnes in the month of November this year, ahead of festivals, provided the prices continue to remain stable. This is significantly higher when matched with the imports of just 12 tonnes in November 2020.

Although the higher gold imports by the country are likely to widen the country’s trade deficit for the month and put more pressure on the domestic currency, it is likely to lend good support to benchmark gold prices, which have corrected by almost 12% from the historic highs recorded in August last year.

YOU MAY ALSO BE INTERESTED IN:

SEBI Suggests Routing All Gold Imports Through Spot Gold Exchange

Chinese Net Gold Imports Via Hong Kong Surged

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search