RBI goes slow on gold, consumers follow suit as prices turn prohibitive

Retail gold imports in July nearly halve to 38 tonnes. August imports dip to 3-year year low of 30 tonnes, down as much as 73% YoY

After a purchase in April of 5.6 tonnes, the Reserve Bank of India (RBI) has not disclosed any buying in gold for its reserves. A rise in its price is a possible reason.

According to data from the International Monetary Fund’s International Financial Statistics, the RBI has held 618 tonnes of gold since April.

Indian consumers had brisk buying in the April-June quarter but July import was down from 72 tonnes a year before to 38 tonnes. News agency Reuters quoted a government official on Wednesday that August gold import is estimated at 30 tonnes, a three-year low. In August