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  Business   Market  06 Apr 2020  India's March gold imports hit 6.5 year low

India's March gold imports hit 6.5 year low

REUTERS
Published : Apr 6, 2020, 9:47 am IST
Updated : Apr 6, 2020, 9:47 am IST

The world’s second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago

Representative Image (PTI)
 Representative Image (PTI)

Mumbai: India’s gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source said on Monday.

The world’s second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago, the source said, who is not authorised to speak to the media.

 

In value terms, March imports dropped nearly 63% to $1.22 billion, he added.

Tags: coronanvirus lockdown, huge gold imports, gold and silver, gold market, coronavirus impact, covid 19
Location: India, Maharashtra, Mumbai (Bombay)