India's gold imports down 52 percent in September
(MENAFN) Gold imports by India, the world's second-biggest consumer, dropped 52 percent last month after shipments surged in August.
Overseas purchases tumbled to 67 metric tonnes from 141 tonnes in August, according to two finance ministry officials, who asked not to be identified. Imports were valued at USD1.9 billion last month.
Shipments jumped in August as jewellers stocked up to meet a surge in demand during the festival and wedding season that started this month.
A decline in gold prices to a four-year low in July also spurred purchases. Prices have since recovered 7 percent, tempering imports.
Overseas purchases tumbled to 67 metric tonnes from 141 tonnes in August, according to two finance ministry officials, who asked not to be identified. Imports were valued at USD1.9 billion last month.
Shipments jumped in August as jewellers stocked up to meet a surge in demand during the festival and wedding season that started this month.
A decline in gold prices to a four-year low in July also spurred purchases. Prices have since recovered 7 percent, tempering imports.
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