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GOVT SOURCE: INDIA'S JAN GOLD IMPORTS PLUNGE 48% TO FOUR-MONTH LOW ON RECORD PRICES – REUTERS

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GOVT SOURCE: INDIA'S JAN GOLD IMPORTS PLUNGE 48% TO FOUR-MONTH LOW ON RECORD PRICES – REUTERS

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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