Gold Imports Said to Rebound Amid Signs India's Tax Woes Fading

Purchases said to have surged 37% in Dec., snaps 3-month drop
Global gold prices have risen for four straight weeks

A worker labors on a six kilogram gold crown ahead of the Ganesh Chaturthi festival at a P.N. Gadgil Jewellers Pvt. workshop in Pune, India, on Monday, Aug. 17, 2017. About three quarters of the estimated $45 billion of the precious metal that is traded in the country each year makes its way through thousands of family-run jewelry shops that have catered for centuries to the nation's love of gold.
Photographer: Dhiraj Singh/Bloomberg

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By Shruti Srivastava and Vrishti Beniwal

January 5, 2018 at 9:33 AM UTC

This article is for subscribers only.

Gold imports by India, the world’s second-biggest market after China, surged 37 percent in December after falling for three straight months, according to a person familiar with the data.

Inward shipments increased to 77.7 metric tons from 56.9 tons a year ago, the person said, asking not to be named as the information isn’t public. In value terms, purchases rose 39.8 percent to 176.7 billion rupees ($2.8 billion). Finance Ministry spokesman D.S. Malik declined to comment.