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Wednesday, June 16, 2021

Demand surge helps gold import jump to $6.3 billion in April

The rise in gold imports pushed the country’s trade deficit to $15.1 billion in April 2021 as against $6.76 billion in the same month a year ago.

By: ENS Economic Bureau | New Delhi |
May 17, 2021 1:14:01 am
Gold import stood at $2.83 million (Rs 21.61 crore) in April 2020, the data showed.

Gold import, which has a bearing on the country’s current account deficit (CAD), zoomed to $6.3 billion for the month of April due to a surge in domestic demand, according to the Commerce Ministry data.

Silver imports during the month, however, dipped by 88.53 per cent to about $11.9 million.

Gold import stood at $2.83 million (Rs 21.61 crore) in April 2020, the data showed.

The rise in gold imports pushed the country’s trade deficit to $15.1 billion in April 2021 as against $6.76 billion in the same month a year ago. According to industry experts, increasing domestic demand is pushing up imports of gold, however, the second wave may impact the demand in the coming months.

Akshaya Tritiya, a highly auspicious day to purchase gold, also saw muted sales as compared to pre-Covid numbers.

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