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India's gold imports in May jumped 49% on festive demand
By Aftab Ahmed and Rajendra Jadhav
Tuesday, June 4, 2019
India's gold imports in May jumped 49 percent from a year earlier to 116 tonnes as a correction in local prices during a key festival boosted retail demand, a government source said today.
Higher gold imports by India, the world's second-biggest consumer of the precious metal, could support global prices that are trading near their highest level in three months, but also could widen the country's trade deficit and put pressure on rupee.
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The country's gold imports in value terms rose to $4.78 billion in May from $3.48 billion a year ago, said the government official, who was not allowed to speak to the media.
India had imported 78 tonnes of gold in May 2018. ...
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