India Gold imports plummet for the fourth consecutive month in May

INDIA June 20 2016 10:33 AM

MUMBAI (Scrap Register): India gold imports plummeted for the fourth consecutive month in May by nearly 40% to $1.47 billion, which is expected to keep a lid on the country's current account deficit. Gold imports stood at $2.42 billion in May 2015. 

The sliding prices of gold in both global and domestic markets are seen as a contributory factor for the plunge. The contraction in the imports helped narrow trade deficit to $6.27 billion last month. The deficit was at $10.4 billion in the year-ago period. 

India is the largest importer of gold in the world and the imports mainly cater to the demand of the jewellery industry.