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


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 marriages as part of the bridal trousseau or to be given as a gift in the form of jewelry. The wedding season starts this month and purchases will jump during the second-biggest gold-buying day of Akshaya Tritiya in early May.

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First Published: Feb 12 2019 | 10:28 AM IST

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