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Gold import up on tariff cut, UAE pact
The New Indian Express
|December 18, 2024
331% rise in import of yellow metal to $15 bn in Nov resulted in trade deficit, pressure on rupee
INDIANS' love for gold has often gone against the country's financial health -- with a large part of the demand for the precious metal being fulfilled through imports.
The 331% year-on-year increase in gold imports to $15 billion in November has not only resulted in a record trade deficit during the month, it has also put pressure on the rupee, which has been shy away from the 85-a-dollar level.
The unprecedented increase in gold imports has left many analysts clueless as they feel festive demand alone cannot explain the jump in gold imports.
This story is from the December 18, 2024 edition of The New Indian Express.
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