India’s gold imports more than doubled in July

Bloomberg quoting a person familiar with the information, stating that the Indian gold imports are expected to have risen last month.

The main reason behind the surge in gold imports is cited as the arrival of some delayed shipments booked ahead of the implementation of the Good and Sales Tax (GST).

The source noted that the Inbound purchases rose to 53.4 metric tons last month from 22 tons a year earlier.. Sequentially, imports of the metal fell from 72 tons in June.

According to data compiled by Bloomberg, total imports during January to July jumped more than 2 1/2 times to 625.5 tons.