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India's gold imports surge 3-fold to $4.95 bn in May

Silver imports too jumped to $442.9 million in May from $39.54 million in the same month last year

Press Trust of India  |  New Delhi 

Recording nearly three-fold rise, India's gold imports increased to $4.95 billion in May. According to the Reserve Bank, the precious metal's imports saw a surge initially on account of seasonal and festival demand but subsequently due to stockpiling in anticipation of the goods and services tax (GST) rollout. Gold imports stood at $1.47 billion in May last year, as per official data released today. The surge in the imports last month contributed to the widening of trade deficit to a 30-month high of $13.84 billion as against $6.27 billion in May 2016. Silver imports too ...

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First Published: Fri, June 16 2017. 03:48 IST
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