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India gold imports surge 67 percent in 2017 on restocking, retail demand

The move created a cash crunch and dampened gold purchases in the last quarter of 2016

Rajendra Jadhav | Reuters  |  Mumbai 

India's gold imports surged 67 percent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world's second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13 percent last year, their best annual performance since 2010. "Jewellers were replenishing inventory in the first half of 2017 after ...

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First Published: Wed, January 03 2018. 02:12 IST