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India's August gold imports doubles to hit 8-month peak - government source

·1-min read
FILE PHOTO: A salesman displays gold necklaces and earrings inside a jewellery showroom in Mumbai, India
FILE PHOTO: A salesman displays gold necklaces and earrings inside a jewellery showroom in Mumbai, India

MUMBAI (Reuters) - India's gold imports in August nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and as some jewellers restocked after New Delhi eased lockdowns, a government source said on Wednesday.

The world's second-biggest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago, the source said. The source asked to remain anonymous since he is not authorised to speak to the media.

In value terms, August imports surged to $3.7 billion from $1.37 billion a year ago, he added.

(Reporting by Aftab Ahmed and Rajendra Jadhav; Editing by Andrew Heavens)