99% yoy dip in India’s gold imports in May

As international air travel was suspended and jewellery shops were shut amid coronavirus lockdown, India’s gold imports in May plunged 99% from a year ago. While this year  India imported around 1.4 tonnes of gold in May, during the same period last year it imported 133.6 tonnes. In terms of value, May imports dropped to US$ 76.31 million from US$ 4.78 billion a year ago. The country is the world’s second-biggest consumer of the precious metal.