Gold Imports Decline 46% To $2.05 Billion In Sept

After recording a sharp rise in August, gold imports dipped 45.62 per cent to USD 2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).

The sliding price of the yellow metal is one of the reasons for the plunge in imports. The prices are declining in both global and domestic markets, said the media report.

The gold imports stood at $3.78 billion in September 2014. Check gold rates in Indian cities

Gold Imports Decline 46% To $2.05 Billion In Sept
This year, the imports of the yellow metal were up 62.2 per cent and 140 per cent in July and August, respectively. The contraction in imports helped in narrowing the trade deficit to $10.47 billion in September.

India is the largest importer of gold in the world. The imports mainly cater to the demand of jewellery industry.

However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.

Read more about: gold
Story first published: Monday, November 2, 2015, 8:00 [IST]
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