India’s gold imports dip 24% in April-February period

Gold imports into India have seen a rise in February on y-o-y basis, but faced a 24 percent drop in the period between April 2016 to February 2017. In February 2017, India’s gold imports stood at US$ 3.4 billion from US$ 1.4 billion in February 2016, reports say. The imports dipped to US$ 23.22 billion from US$ 30.71 billion in the said 11 months.

In the period between April 2016 to January 2017, gold imports into India stood at 560.32 tonnes, a low from 968.06 tonnes in 2015-16 and 915.47 tonnes in 2014-15, reports say. The dip was affected due to softer global and domestic gold prices, and the volume drop was being attributed by analysts to the government measures taken up, reports add.