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Gold imports in India drop to lowest in the decade

India, the world’s second most consumer gold after China dropped its gold imports to a remarkable 99.9% which is the lowest in nearly three decades as air travel was banned and also due to the closure of the jewellery shops amidst the national lockdown ordered by the Indian government so as to contain the spread of the outbreak of the coronavirus.

A consultant at the London-based Metals Focus, Chirag Sheth said over phone that there was no expectation  concerning the demand of imports for at least three to five months and that even the manufacturing unit will be largely affected due to the scarcity of workers, who travelled back to thie respective homes following the outbreak of the novel coronavirus

According to a source, India imported around 50 kilograms of gold in the month of April, down from 110.18 tonnes a year ago. In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago, he added.

However, the Finance ministry spokesperson Rajesh Malhotra wasn’t immediately available for comment.

–  Christo Freddy, NMTV News.

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