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India's gold imports drop 41% in February

05 march 2020

Due to high prices and low demand, India's gold imports plunged 41% in February, with imports registering 46 tonnes of gold in comparison to 77.64 tonnes in the same month a year earlier. In value terms, February gold imports totalled $2.36 bln, down from $2.58 bln in 2019. 

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Image credit: Pixabay

In the first half of February demand was modest but it faltered as prices started rallying from mid-February. The weak demand forced dealers to offer as much as $14 an ounce discount over official domestic prices in February, the most since mid-October. The domestic price includes a 12.5% import tax and 3% sales tax.
It is predicted that India's gold imports could fall below 35 tonnes in March as prices are still elevated, which would mark a drop from last year's 93.24 tonnes.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished