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June 3, 2020
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Record decline in gold imports, know the reason

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There are more gold lovers in India, due to which there is always a demand for gold. But due to the lockdown, there has been a slowdown in the retail purchase of gold. Due to this, there has been a tremendous decline in gold imports. Last month, ie in March, the country’s gold imports fell by more than 73 percent on an annual basis. In this way, the country’s gold imports have been at a low level of six and a half years in March. This fall in the country’s gold imports has come due to record high domestic prices and the industrial shutdown of industrial activities due to lockdown. According to the news agency Reuters, this information has been given by government sources on Monday.

A nationwide lockdown of 21 days from March 25 is in force due to Corona infection. To prevent the corona virus from spreading, it is necessary to break its chain. The lockdown has been imposed by the state and central governments for this purpose. The retail demand for gold has stalled completely due to the lockdown, which has resulted in the decline in gold imports.

For your information, let us tell you that India is the second largest consumer of gold in the world. The country has imported only 25 tonnes of gold in the month of March. This is 93.24 percent less than the year-ago period. According to Reuters, this information has been told by sources who are not officially responsible for giving information to the media. According to sources, imports fell by nearly 63 per cent to $ 1.22 billion in March. Let us tell you that due to the lockdown gold spot markets are closed all over the country at this time. At the same time, due to the Mahavir Jayanti, the gold-silver futures market is also closed on Monday. On the global level, according to Bloomberg, the global spot price of gold was trending 0.98 per cent, or $ 15.81, at $ 1,636.62 an ounce.

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