Gold imports in February see biggest drop in 20 years, sales slump

 Gold imports in February fall to 20-year low as prices rise, sales also decline

 

Gold import

India is the world's second-largest buyer of gold after China.

Mumbai: Due to continuous price hikes, the country's gold imports have seen a 20-year low in February, government data has revealed.

Compared to the same period last year, gold imports have fallen by 85 percent.

Due to various unusual circumstances, including the US presidential election results, investment in gold in the international market has increased and gold prices have continued to reach new highs.

In this context, gold imports have decreased compared to usual in February.

Officials said: Banks and traders have imported very little gold. Imports in February have fallen to almost 15 metric tons. This is the lowest import volume in the last 20 years. In February 2024, 103 metric tons of gold were imported.

In the last decade, India's average gold imports in February were recorded at 76.5 tons.