The demand for gold increases during the celebration of the ancient Indian festival of lights – Diwali.
India imported $14.86 billion worth of gold in November. This was reported by the press service of the country’s Ministry of Trade and Industry.
It is noted that this is four times more than in November last year, and twice as much as in October of this year, and is generally a historical record.
Demand for gold increased during the celebration of the ancient Indian holiday of the festival of lights – Diwali, noted World Gold Council analyst Kavita Chacko.
Also in the summer, the import duty on gold in India dropped significantly – from 15% to 6%, on Doré alloy – from 14.35% to 5.35%.
In just 11 months of the year, India’s gold imports reached $58.676 billion, which is one and a half times higher than the result of the corresponding period last year.
India is one of the world’s largest consumers of gold, but produces almost no gold itself. At the end of the first half of the year, the country imported about 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 the global demand for gold in the third quarter of 2024 increased by about 5% and crossed the $100 billion mark for the first time.
Source: korrespondent
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