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Coronavirus fallout: India's gold imports tumble 86% to 11 tonnes in June

The world's second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago, the source said on Thursday

twitter-logoReuters | July 2, 2020 | Updated 13:14 IST
Coronavirus fallout: India's gold imports tumble 86% to 11 tonnes in June
In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago

India's gold imports plunged 86% year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world's second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago, the source said on Thursday. The source asked to remain anonymous since he is not authorised to speak to the media.

In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago, he added.

Also read: BT Insight: Gold prices at record high of Rs 48,980; should you buy, hold or exit?

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