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.
Chart courtesy of TradingView.com