India Gold imports plunge by 25 percent during June

Mumbai-India (July 5)  India gold imports has plunged more than 25 percent to 54 ton during the month of June from a year earlier, as per Bloomberg reports quoting a person familiar with the information said, asking not to be identified as the figures aren’t public.

 According to data from Finance Ministry officials compiled by Bloomberg, India’s gold imports has declined sharply by 40 percent year-on-year to 343 tons during the first half of this year.

 Purchasing has been poor as the rupee extended its slump to a record low last month, making prices of overseas goods more expensive.

 Rural demand has suffered as farmers typically slow purchases from June to August because they are busy taking advantage of seasonal rains to plant crops.

 Another reason for the decline in demand has been the waning interest from millennials, who are more attracted by high-end consumer goods.

Smartphones, TVs and other goods has grabbed the second spot among India’s imports while purchases of Gold has dropped to the third position, with oil the first.

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