India's May Gold Imports Fall 99% From A Year Ago To 1.4 Tonnes: Report

The demand witnessed slump as international air travel was banned and jewellery shops were closed amid a nationwide lockdown

India's May Gold Imports Fall 99% From A Year Ago To 1.4 Tonnes: Report

India's May gold demand slumped 99 per cent

India's gold imports in May plunged 99 per cent from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world's second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorised to speak to the media.

In value terms, May imports dropped to $76.31 million from to $4.78 billion a year ago, he added.

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