India's August gold imports nearly double on price correction: Report

According to a government source, India's gold imports nearly doubled from a year ago to their highest level in five months in August, owing to improved demand and a price correction that spurred jewellers to speed up purchases for the festive season.

India imported 121 tonnes of gold in August, up from 63 tonnes the previous month, according to the person, who spoke on the condition of anonymity because he is not authorised to speak to the media.

Imports in August were US$ 6.7 billion, up from US$ 3.7 billion a year before, he added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.