Gold imports to India have surged, topping 100 metric tons in April, and they are expected to again exceed 100 metric tons in May. China gold imports also are up, a market response to a dramatic drop in gold prices, a trend not expected to end any time soon.
“It’s a great opportunity to invest in gold now – and being in India, gold can never go to waste,” writes financial analyst Hamsini Amritha.
For reference, China imported an incredible 223 metric tons of gold during the month of March, topping the previous monthly record of just over 100mt.
The escalation of gold imports in India can also be attributed to threats of new taxes on gold imports, pushing traders and jewelers to “beat central bank curbs on overseas bullion purchases by banks.”
