Among the reasons for the growth of gold imports are the reduction in duties, the increase in the global price of gold, as well as the accumulation of gold reserves before the holiday season.
India imported $10.06 billion worth of gold in August 2024. This is confirmed by data from the country’s Ministry of Trade and Industry.
This number is two times greater than in August 2023, three times higher than in July 2024, and in general, according to estimates by the Indian media, is a historical record.
According to Indian Deputy Minister of Commerce and Industry Sunil Barthwal, possible factors for the growth of gold imports include the reduction of duties, the increase in the price of gold in the world, as well as the accumulation of reserves of the precious metal before the holiday season
In July, the import duty on gold in India decreased significantly – from 15% to 6%, on Dora – from 14.35% to 5.35%. Analysts predicted that such measures would give a boost to gold. Additional demand in the second half of the year is estimated at 50 tons or more.
In just 8 months of the year, India’s gold imports reached $32.294 billion, which is 30% more than the result of the corresponding period last year.
As you know, India is one of the largest consumers of gold in the world, although it has almost no gold itself. At the end of the first half of the year, the country imported almost 305 tons of gold worth $19.103 billion In physical terms, the volume increased by 5%, in terms of value – by 17%.
We remind you that world gold prices continued to rise and reached a new historic high of $2,610 per ounce.
Earlier, in early December 2023, the price of gold exceeded $2,100 per ounce for the first time in history. At the time, analysts predicted that the price of the precious metal could remain above $2,000 per ounce in 2024.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.