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Gold imports jump to USD 24 billion in April-Sept due to high demand: Commerce ministry data

Gold imports, which have a bearing on the current account deficit, zoomed to about $24 billion during April-September 2021 due to higher demand in the country, according to data from the Commerce Ministry.

Gold imports jump to USD 24 billion in April-Sept due to high demand: Commerce ministry data
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Imports of the yellow metal was $ 6.8 billion in the corresponding period last year, the data showed. Gold imports during September this year too rose to $5.11 billion as against $601.4 million in the same month last year. On the other hand, silver imports dipped by 15.5 per cent to $ 619.3 million during April-September this fiscal. However, during September, these imports jumped to $552.33 million as against $9.23 million in September 2020. A significant jump in the gold imports has led to record widening of the country’s trade deficit, difference between imports and exports, to $22.6 billion during September this fiscal as against $2.96 billion in the year-ago period.

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