Gold Imports by India Tumble for a Second Month on Lockdown
- Country’s stay-at-home rules easing slowly after two months
- Demand is expected to stay weak until at least September
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Gold imports by India slumped by about 99% for a second straight month in May, disrupted by restrictions to control the coronavirus outbreak in the world’s second-biggest consuming nation.
Inbound shipments fell to 1.3 tons last month from 105.8 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That comes after shipments plunged to 60 kilograms in April, the lowest monthly imports in at least a decade. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to two calls to his mobile phone during office hours.