India gold imports jump to near two-year high as weddings revive demand

Gold imports by India surged in March to the highest monthly total in nearly two years as a slump in prices stoked demand for jewelry during the ongoing wedding season.

Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That would be the highest since May 2019. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.

Imports during the first three months of 2021 more than doubled in