Gold Imports Rebound in India
- Inbound purchases by India more than doubled in August
- Country is set to enter peak demand season in coming months
India is about to enter its key season for weddings and festivals, peaking with Diwali in November, which usually sees gold demand rise as buying and gifting the precious metal is considered auspicious.
Photographer: Kanishka Sonthalia/Bloomberg
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India’s gold imports more than doubled last month ahead of the start of key festivals in the world’s second-biggest bullion consumer.
Inbound shipments climbed to 35.5 tons in August from 14.8 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Imports were also higher than July’s 25.5 tons. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to a call to his mobile phone.