Mubasher: India’s gold imports dropped 39% in May due to weak demand, recording its fifth successive monthly decrease.
The second biggest gold importer worldwide recorded gold imports of 77.6 metric tonnes in the previous month, compared to 126.2 tonnes in the year-ago period.
Indian finance ministry’s spokesman D.S. Malik declined to give comment on the matter, according to Bloomberg.
Meanwhile, inbound shipments in the first five months of the year registered 289.3 tonnes, down 42% from the year-ago period, Bloomberg’s data showed.
“The monsoon months of June to August are considered to be a slow period for purchases as farmers and rural consumers, the bulk of the buyers, are busy with agricultural activities because of the rains,” the global media corporation revealed.