Gold imports in the country for January month declined 48% YoY to a 4-month low on a sharp surge in domestic prices to record highs. As per a government source, the pull back in imports has come as buyers in the commodity have reduced their purchases.
In value terms, imports in January month totalled to $1.58 billion, which in the corresponding month last year came stood at $2.31 billion. In weight, India which is the second biggest consumer of gold imported 36.26 tonnes during the month as against 69.51 tonnes in January 2019.
Meanwhile, on the MCX, gold prices on Tuesday slipped lower by 0.4% or Rs. 160 to Rs. 40,500 per 10 gm, while silver gained by Rs. 170 or 0.3% to Rs. 46060 per kg. Gold slipped as rupee appreciated against the dollar in early today and was last trading at 71.28 per US dollar.