India Gold Imports Leap to Highest Since April as Controls Ease
(Bloomberg) -- Gold imports by India jumped to the highest in three months in July as economic activity picked up after a deadly coronavirus wave abated, and prices in the second-biggest consumer softened.
Inbound shipments surged 71% from a year earlier to 43.6 tons last month, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That’s the biggest inflow since 70.3 tons in April. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.
Indian states have slowly removed many restrictions on businesses and the movement of people as virus cases receded after peaking in May. The increased footfalls at stores and a nearly 5% fall in local prices this year has also revived sales.
Tata Group’s Titan Co. said Wednesday that its jewelry division was gaining new customers and demand strengthened steadily as states eased lockdowns and vaccination levels rose.
India’s gold demand is expected to be stronger in the second half of 2021 compared with the prior six months due to softer prices and more occasions such as festivals and weddings, when jewelry is traditionally bought, P.R. Somasundaram, regional chief executive officer for India at the World Gold Council, said last week.
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