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Gold imports surge to 50 tonnes on pent-up demand: GFMS

The rise in imports by India of the precious metal will support global prices

Reuters  |  MUMBAI 

India's February gold imports surged to 50 tonnes, up more than 82 percent from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday. The rise in imports by the world's second-biggest consumer of the precious metal will support global prices that are trading near their highest level in 3-1/2 months, but could widen the South Asian country's trade deficit. "Pent-up demand on the ease of the cash crunch and wedding related demand lifted imports in February," ...

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First Published: Wed, March 01 2017. 15:34 IST
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