India’s gold imports decline 40 percent in Apr-Nov to $12.3 billion

New Delhi– India’s gold imports declined by 40 per cent to nearly $12.3 billion during the April-November period as demand weakened amid the pandemic, as per Commerce Ministry’s data.

During the same period of the last financial year, gold imports stood at nearly $20.6 billion.

However, imports of the yellow metal witnessed a 2.65 per cent growth last month, at over $3 billion, compared to $2.94 billion in November 2019.

Silver imports during April-November this fiscal plunged 65.68 per cent to $751.92 million, from nearly $2.2 billion during the year ago period.

In November 2020, silver worth only $9.30 million was imported, compared to $90.39 million in November 2019.

This decline in gold and silver imports has led to the narrowing of India’s trade deficit. (IANS)