An Indian government source said late Tuesday that the country’s gold imports plunged 48% in January over the year, per Reuters.
The imports for the yellow metal fell to its lowest in four months as buyers shunned their purchases amid record-high local prices.
Key Details
“India imported 36.26 tonnes of gold in January, compared with 69.51 tonnes a year earlier.
In value terms, January imports totalled $1.58 billion, down from last year’s $2.31 billion.
Gold futures in India hit a record high 41,293 rupees per 10 grams in January after rising nearly a quarter in 2019.”
Meanwhile, a bullion division head of a private bank said: “Consumers are struggling to adjust with higher prices. They have risen too much, too fast. Many potential customers are delaying purchases hoping prices will correct.”
BAD FOR GOLD
Ghinie
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