Gold imports of India reported 48.72 per cent jump in the month of May 2019, as a correction in local prices during a key festival boosted retail demand.
The country’s gold imports stood at 116 tonnes in May 2019, as compared to 78 tonnes gold imported in May 2018. In value terms, the country's gold imports rose to $4.78 billion in May from $3.48 billion a year ago.
Higher gold imports by India could support global prices that are trading near their highest level in three months. But, it could widen the country's trade deficit and put pressure on rupee.