India Imported 800 Tonnes of Gold in 2023, Says Metal Focus

SEATTLE (Scrap Monster): According to Metal Focus report, the gold bullion imports by India surged higher by nearly 12% from 715 tonnes in 2022 to almost 800 tonnes last year. On the contrary, the silver bullion imports by the country recorded significant year-on-year decline by 65%.

During the month of December 2023, the country imported 54 tonnes of gold. The gold imports during the month recorded over two-fold surge upon comparison with the imports of 24 tonnes in December 2022. The imports started on a weak note and gained momentum during the course of the year. The festive season gold demand send the imports to 129 tonnes, as compared with 77 tonnes in October 2022.

The silver imports totalled 3,475 tonnes during the previous year. This is significantly lower by 40% compared with average imports during the past decade. Nearly three-fourths of the total imports were concentrated in fourth quarter. The imports hit record high of 1,829 tonnes in October 2023, driven by wedding and festive season demand, robust restocking retailer orders and dip in prices.

Metal Focus noted that the demand for both gold and silver are likely to face headwinds in 2024 due to anticipated high prices for the metals.

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