India Imported 800 Tons Of Gold In 2023

(22 January, 2024 - Paul Ploumis)

The silver imports totaled 3,475 tons during the previous year

SEATTLE, According to Metal Focus report, the gold bullion imports by India surged higher by nearly 12% from 715 tons in 2022 to almost 800 tons last year. On the contrary, the silver bullion imports by the country recorded significant year-on-year decline by 65%.

During the month of December 2023, the country imported 54 tons of gold. The gold imports during the month recorded over two-fold surge upon comparison with the imports of 24 tons in December 2022. The imports started on a weak note and gained momentum during the course of the year. The festive season gold demand send the imports to 129 tons, as compared with 77 tons in October 2022.

The silver imports totalled 3,475 tons during the previous year. This is significantly lower by 40% compared with average imports during the past decade. Nearly three-fourths of the total imports were concentrated in fourth quarter. The imports hit record high of 1,829 tons in October 2023, driven by wedding and festive season demand, robust restocking retailer orders and dip in prices.