India’s March gold imports surge 471% to a record 160 tonnes – government source

Reuters/Rajendra Jadhav and Aftab Ahmed

Repost from 4-6-2021

“India’s gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers.”

USAGOLD note: The east buys gold on weakness; the west on strength. Not to be overlooked, a sustained decline in the rupee over the past five years has also contributed to surging demand.

line chart showing the value of India's rupee versus the dollar over the past five years

Chart courtesy of TradingView.com

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