India’s July gold imports drop 24% YoY as costs surge to file: Govt supply

Mumbai: India’s gold imports in July fell 24 per cent from a yr earlier as a rally in native costs to a file excessive curtailed retail purchases amid lockdown in lots of cities to curb the unfold of the coronavirus, a authorities supply mentioned on Tuesday.

The world’s second-biggest client of the dear steel imported round 30 tonnes of gold in July, down from 39.66 tonnes a yr in the past, the supply mentioned. The supply requested to stay nameless since he isn’t authorised to talk to the media.

In worth phrases, July imports edged as much as $1.78 billion from $1.71 billion a yr in the past, he added.