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  Business   In Other News  02 Jul 2020  India's June gold imports plunge 86% due to record high prices

India's June gold imports plunge 86% due to record high prices

PTI
Published : Jul 2, 2020, 2:04 pm IST
Updated : Jul 2, 2020, 2:04 pm IST

The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago

 India’s gold imports plunged 86% year-on-year in June. (PTI Photo)
  India’s gold imports plunged 86% year-on-year in June. (PTI Photo)

MUMBAI: India’s gold imports plunged 86% year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago, the source said on Thursday. The source asked to remain anonymous since he is not authorised to speak to the media.

 

In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago, he added.

Tags: gold prices, gold, gold imports, coronavirus lockdown
Location: India, Maharashtra, Mumbai (Bombay)