The India’s gold imports nearly tripled in June from a year agoas the price of XAUUSD underwent a sharp correction, according to a government source quoted by Reuters on Tuesday.
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India imported 49 tons of gold in June, compared to 17 tons the previous year.
In value terms, June imports rose to $2.61 billion, up from $969 million a year ago.
India’s gold imports continued to fall to 335 tonnes in the first half of 2022, down from 493 tonnes last year.
On Friday, the The country’s Ministry of Finance announced that they increased import taxes on gold from 10.75% to 15% in response to a surge in gold imports that put pressure on the current account deficit. The aim of the move was to remove downward pressure on the Indian rupee.
Source: Fx Street
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