India’s June Gold Imports Plunge 86 Percent

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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.

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