99 percent drop in gold imports in May, know what was the reason

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New Delhi, Business Desk. In May, gold imports in the country declined by 99 percent on an annual basis. According to a report by the news agency Reuters, this significant decrease in imports has been recorded due to the closure of jewelry shops due to the prohibition of international flights and the applicable lockdown in the country to prevent the spread of coronavirus. Government sources informed Reuters on Tuesday. India is the second-largest consumer of gold in the world. The source said that gold exports in May were just 1.4 tonnes, compared to 133.6 tonnes in the same period last year. The source gave this information on the condition of anonymity.


The source said that in terms of value, gold imports in May stood at $ 7.631 million, compared to $ 4.78 billion in the month of May a year ago.


It is noteworthy that the gold spot markets of Delhi have opened since Monday after a gap of more than two months. Gold spot markets were closed since the implementation of Lockdown-1. The lockdown is in force in the country from 25 March. However, now the conditions related to the lockdown have been relaxed, after which the spot markets are open.


According to a report by news agency PTI, Tapan Patel, Senior Analyst (Commodities) of HDFC Securities said on Monday, "There are signs of reopening of the gold spot market in India as many of Delhi bullion market on Monday. Shops opened. ''