India's Gold imports take a major hit

Mumbai (Mar 13)  India's Gold imports declined sharply to 54.1 tonnes in December and 53.2 tonnes in January from a high of 119.2 tonnes in November, thanks to demonetization of Rs 500 and Rs 1000 notes, which led to a massive cash crunch in the country impacting demand for various commodities, including precious metals.

The decline in January is 43% from the Gold imported in the corresponding month in 2016.

In volume terms, the country's total Gold imports declined to 546 tonnes in April-January of this fiscal, much lower than 892.9 tonnes in the year-ago period.

Total Gold imports had totalled 968 tonnes in 2015-16.

Source: CommodityOnLine