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April gold imports plunge 99.9% to three-decade low amid lockdown: Report

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago

Topics
Gold Import | Gold demand | Coronavirus

BS Web Team & Agencies 

gold, jewellery
Earlier, India’s gold demand declined by a staggering 36 per cent during the January-March quarter

India's gold imports plunged 99.9 per cent year-on-year in April to their lowest in nearly three decades as air travel was banned and jewellery shops were closed amid a nationwide to curb the spread of coronavirus, a government source said.

The world's second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago, the source said on Monday, who is not authorised to speak to the media.

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago, he added.
 


Business Standard earlier reported that India’s declined by a staggering 36 per cent during the January-March quarter, to hit the lowest quarterly figure in 11 years due to nationwide that has forced the closure of wholesale and retail showrooms.
 

Data compiled by the World Gold Council (WGC) showed India’s at 101.9 tonnes (worth $5.2 billion) for the January-March quarter, compared to 159 tonnes ($6.7 billion) in the corresponding period last year. Immediate after the Lehman crisis, India’s was reported at a mere 40.9 tonnes during January-March 2009.

First Published: Tue, May 05 2020. 10:48 IST
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