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India's gold imports jump 64% in January despite prices hitting 5-year high

The World Gold Council, a London-based promotion body, expects a recovery in demand in India this year on increased spending with elections due by May

Topics
Gold Import  |  Gold Price  |  World Gold Council

Bloomberg 

Gold imports by India rose last month despite local prices trading near the highest in more than five years, as jewelers start to restock for the wedding season. Inbound shipments grew 64 per cent to 46 tons in January from a year earlier, according to a person familiar with the data, who asked not to be identified as the figures aren’t public.

However, higher prices kept a lid on supplies, which were lower than the 60 tons shipped in December. Finance Ministry spokesman DS Malik wasn’t immediately available for comment. Indians consider buying gold auspicious for ...

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First Published: Tue, February 12 2019. 10:28 IST
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