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Virus Chaos Slashes India’s Gold Imports to Lowest since 2009

  • India’s inbound shipments slump to 275.5 tons in 2020
  • Domestic prices of the metal surged by nearly 30% last year
A retailer holds a gold earring at the Zaveri Bazaar in Mumbai in Nov.
A retailer holds a gold earring at the Zaveri Bazaar in Mumbai in Nov.Photographer: Dhiraj Singh/Bloomberg

India’s gold imports in 2020 slumped to the lowest in more than a decade as the coronavirus pandemic battered demand and logistics, while higher prices kept buyers in the second-largest consuming nation on the sidelines.

Overseas purchases fell to 275.5 tons last year, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That’s the lowest in records going back to 2009, according to World Gold Council data.