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India's March gold imports expected to fall significantly: Report
Photo Courtesy: Pixabay

India's March gold imports expected to fall significantly: Report

| @indiablooms | 27 Mar 2024, 10:58 pm

New Delhi: India's gold imports are likely to drop in March by over 90% compared to the previous month, reaching the lowest point since the onset of the COVID-19 pandemic, media reported.

The decline in imports is due to banks reducing imports following a surge in prices, which dampened demand, reported Reuters.

The decrease in imports from India, the world's second-largest consumer of gold, may restrain the upward movement of global prices, the report stated.

These prices had recently reached a record high, fuelled by speculations of potential interest rate cuts by the Federal Reserve later this year.

Furthermore, the decline in imports could contribute to narrowing India's trade deficit and providing support for the rupee.

According to an unnamed government official, India's gold imports are anticipated to drop significantly to around 10 to 11 metric tons in March, down from 110 metric tons in February. This expected decrease marks the lowest level since the COVID pandemic, during which air traffic restrictions curtailed imports and lockdown measures forced the closure of jewelry shops.

"A negligible quantity of gold is being cleared from customs this month after paying duty. There has been a sharp drop in gold imports compared to last month," the government official said, according to the Reuters report.

India's gold imports are anticipated to drop significantly to around 10 to 11 metric tons in March, down from 110 metric tons in February, the report said, citing an anonymous government official.

This expected decrease marks the lowest level since the COVID pandemic, during which air traffic restrictions curtailed imports and lockdown measures forced the closure of jewellery shops.

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