India's June gold imports rise 12.6 per cent year-on-year amid global price rally: Report

Reuters
New Delhi, Delhi, India Published: Jul 02, 2019, 02:11 PM(IST)

A saleswoman picks gold necklaces to show it to a customer inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India. Photograph:( Reuters )

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However, imports were 44% lower in June from May`s $4.78 billion, the source said, who was not allowed to speak to the media.

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday.

However, imports were 44% lower in June from May's $4.78 billion, the source said, who was not allowed to speak to the media.

In India, local prices jumped to a record high in June, moderating demand from retail consumers.

The drop in gold imports by India, the world`s second-biggest consumer of the precious metal, could weigh on global prices that are struggling to hold recent gains.

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