India Gold Imports Dip After Brief Rebound as Prices Curb Demand
- Purchases from overseas dropped 38% in September to 8.4 tons
- India’s total gold imports are down about 70% so far this year
Gold imports had risen in July and August as jewelers readied stocks ahead of festivals.
Photographer: Sanjay Kanojia/AFP via Getty Images
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Gold imports by India slumped in September after a short-lived rebound as high prices prompted buyers to defer purchases.
Inbound shipments into the world’s second-biggest bullion consumer fell 38% in September from a year earlier to 8.4 tons, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Imports were down from 35.5 tons in August. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to a call to his mobile phone.