Increased attraction in the wake of lower gold prices in August
New Delhi: India's gold imports hit a five-month high in August, doubling year-on-year growth as gold prices fell sharply. According to data released by the government, gold imports stood at 121 tonnes in August, compared to 8 tonnes in the same month last year. Imports have also picked up on the back of declining demand for the yellow precious metal from higher levels in the domestic market following the softening of the global market. Also jewelers, bullion traders have a quick opportunity to import at lower prices, corresponding to the demand of the upcoming festivals. In terms of value, the country imported gold worth ૭ 4.5 billion in August, compared to ૭ 4.5 billion in the same month a year ago.