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Despite Corona, Most Gold Imported in March
By: Tupaki Desk | 3 April 2021 3:38 AM GMT
One may wail about Corona-induced financial downturn, job loss, rising fuel prices and the failing economy. But the gold sales have gone up during the month of May and in fact they have reached the pre-Covid leavels.
According to Gold Council of India, at least 160 tonnes of gold was imported during March. This is a whopping 471 per cent more than the imports in March last year, when there was a Corona lockdown. Across the January-March quarter, the gold imports have risen by 159 per cent. According to trade experts, the retail buying of gold has gone up considerably despite the lockdown upheavals. Interestingly, even before the pandemic, the monthly imports never went beyond 80 tonnes.
Sources say the Government's decision to slash gold import duties from 12.5 per cent to 10.75 in February this year has prompted people to import gold in a big way. However, the gold imports might fall in April after the Akshaya Tritiya festival is over. India's gold sales peak during the Akshaya Tritiya.
According to Gold Council of India, at least 160 tonnes of gold was imported during March. This is a whopping 471 per cent more than the imports in March last year, when there was a Corona lockdown. Across the January-March quarter, the gold imports have risen by 159 per cent. According to trade experts, the retail buying of gold has gone up considerably despite the lockdown upheavals. Interestingly, even before the pandemic, the monthly imports never went beyond 80 tonnes.
Sources say the Government's decision to slash gold import duties from 12.5 per cent to 10.75 in February this year has prompted people to import gold in a big way. However, the gold imports might fall in April after the Akshaya Tritiya festival is over. India's gold sales peak during the Akshaya Tritiya.
