India made a record in importation of gold, in the year 2021
By Lokmat English Desk | Published: January 5, 2022 06:43 PM2022-01-05T18:43:11+5:302022-01-05T18:43:11+5:30
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India breaks the 10-year-old gold import record in 2021 India imported 1,050 tonnes of gold at a total cost of 55.7 billion.
The figure is double that of the previous year. In 2020, the country imported gold worth less than 23 billion due to corona.
According to statistics, about 430 tonnes of gold was imported to India in 2020. Its total value was 22 billion. While in 2021 the country imported gold worth 53.9 billion.
As the situation improves in 2021, the demand for jewelry during the festive and wedding seasons has increased, to which traders have imported more gold, said World Gold Council (WGC) CEO (India) Somasundaram PR.
According to a WGC report, Indians bought large quantities of gold during the festive season last in October and November, and in December, India imported 86 tonnes of gold.
According to the World Gold Council (WGC), gold imports were the lowest in 2020 due to the lockdown. This had a direct effect on gold imports.
In August 2020, the gold price touched a record high of Rs 56,191 per 10 grams in the domestic market. While in 2021 the situation got improved.
But now due to the sudden rise in corona, the sellers can again face the problem, it is said that gold imports may decline by the end of January.
However, the effects can be seen only in the first few months. At the same time, Somasundaram said that given the current market signals, gold imports are expected to be stronger in 2022 than this year.
India ranks second in the world in terms of gold consumption. Most of the gold in the country is imported from abroad. Of the total gold imports, 44 percent are from Switzerland and 11 percent from the UAE.
If we look at the gold import figures for the third quarter of any financial year in the last few years, 339.3 tonnes of gold was imported in the period October-December 2014-15.