India's July gold imports drop 24% y/y as prices surge to record- govt source

The world's second-biggest consumer of the precious metal imported around 30 tonnes of gold in July

  
A saleswoman picks gold necklaces to show it to a customer inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. Image used for illustrative purposes

A saleswoman picks gold necklaces to show it to a customer inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. Image used for illustrative purposes

REUTERS/Sivaram V

MUMBAI - India's gold imports in July fell 24% from a year earlier as a rally in local prices to a record high curtailed retail purchases amid lockdown in many towns to curb the spread of the coronavirus, a government source said on Tuesday.

The world's second-biggest consumer of the precious metal imported around 30 tonnes of gold in July, down from 39.66 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, July imports edged up to $1.78 billion from $1.71 billion a year ago, he added.

(Reporting by Aftab Ahmed and Rajendra Jadhav; Editing by Jacqueline Wong) ((rajendra.jadhav@thomsonreuters.com; +91-22-68414378 ; Reuters Messaging: rajendra.jadhav.thomsonreuters.com@reuters.net))

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