India to spend $55.7 billion on gold imports in 2021
India spends $55.7 billion on gold imports in 2021 breaks 10-year record – Gold imports in 2021: India last year bought $56 billion in gold, breaking 10-year record
Abstract
India spends $55.7 billion on gold: India imported a large amount of gold during 2021. According to one report, the country broke a record in gold imports 10 years ago. India imported 1050 tons of gold, a total of $55.7 billion was spent on it.
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India imported a large amount of gold during 2021. According to one report, the country broke a record in gold imports 10 years ago. It was said that India imported 1,050 tons of gold, on which a total of $55.7 billion was spent.
Highest imports since 2011
This figure for gold imports in 2021 is double compared to the previous year, while it is the highest after 2011. Speaking of the least gold imports, in 2020 due to the Corona epidemic, gold worth less than 23 billion dollars was imported. According to the data, about 430 tons of gold were imported into India in 2020. At the same time, $53.9 billion worth of gold was purchased from abroad in 2011.
The effect of increased demand in the festive season
According to the World Gold Council (WGC), as the situation improved in 2021, the demand for jewelry increased during the holiday and wedding season, as traders imported more gold to meet it. The World Gold Council report shows that during the festive season during the past October and November, Indians bought gold heavily. After that, the sale of gold increased even during the peak wedding season. India imported 86 tons of gold in December.
India is the second largest importer
India ranks second in the world in terms of gold consumption. Most of the gold consumed in the country is imported from abroad. Of the total gold imports, 44 percent were purchased from Switzerland and 11 percent from the United Arab Emirates. If we look at the data of gold imports in the third quarter of any fiscal year over the past few years, in 2014-15, 339.3 tons of gold were imported during the period from October to December.
