India's Gold imports spike 54% to $3.97 billion in April
MUMBAI (Scrap Register): India's gold imports spiked by 54% to $3.97 billion in April from $2.58 billion in the same month last year, according to latest data release from the Ministry of Commerce.
The rise in imports by the world's second-biggest consumer of the precious metal was driven by strong demand during wedding season along with fall in prices which prompted purchases.
After recording negative growth for three consecutive months - October, November and December 2018 - gold imports grew 38.16% to $2.31 billion in January 2019. It again contracted by 10.8% to $2.58 billion in February.
In March 2019, gold imports grew by 31.22 % to $3.27 billion.
India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery industry.