Gold Imports by India Jump in May as Prices Drop to Year's Low

From bnnbloomberg.ca

Gold imports by India grew 36% in May from a year earlier as jewelers and customers rushed to buy after prices declined to the lowest level this year. Overseas purchases rose to 105.8 tons last month from 77.6 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Combined shipments during April-May were 226.6 tons, up about 74% from the year-ago period. Finance Ministry spokesman D.S. Malik wasn’t immediately available for comment. Prime Minister Narendra Modi’s election victory last month strengthened the local currency just as ... (full story)