India imported gold worth $6.15 billion in February 2024, according to materials from the country's Ministry of Trade and Industry.
► Read the telegram channel “Ministry of Finance”: main financial news
India is buying gold
This is 2.3 times more than in February last year, 3.2 times higher than in January of the current year and on average approximately twice the traditional average monthly levels.
At the same time, predicts the President of the India Bullion and Jewelers Association Prithviraj Kothari, in March imports may be insignificant due to record high gold prices.
Read: Gold breaks record, but no one knows why
“Consumers can’t digest current price level. If prices remain high, it will impact demand in the current wedding season, he told Reuters. “There is no point in importing for banks and refineries.”
In general, in January-February, gold imports into India amounted to $8.06 billion, which is 2.4 times more than the result of the corresponding period last year.
Recall
At the end of 2023, India imported almost 744 tons of gold worth $42.58 billion. In physical terms, the volume increased by 4%, in value terms by 16%.
India is one of the largest consumers of gold in the world, but produces almost no gold itself.
