InvestorQ : Has gold imports also gone up sharply in the month June 2022 on provisional trade figures?
Deepa Salunkhe made post

Has gold imports also gone up sharply in the month June 2022 on provisional trade figures?

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Arya Nanda answered.
1 month ago
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India's gold imports in June 2022 nearly tripled compared to June 2021, as jewellers made the best of relatively lower prices to replenish inventories. In June 2022, India imported 49 tonnes of gold against just 17 tonnes in June 2021. However, in sequentially comparable terms, the value of gold imports were not too high.

If you consider in value terms, June 2022 gold imports at $2.61 billion was less than half the gold imports in May 2022, which was more than $6 billion. Post the Hindu auspicious Akshaya Tritiya celebrations, jewellers saw their stockpiles getting depleted leading to inventory demand. India recently hiked the import tax on gold by 500 bps gross.

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