Gold imports jump 40.79% to $2.68 bn in Jan on increase in demand

The country's gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data. Gold imports stood at USD 1.9 billion in January 2024. Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year. The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties. Prices of the yellow metal have increased 11 per cent so far this year to Rs 88,200 per 10 gram in the national capital. India's gold imports, which have a bearing on the country's current account deficit (CAD), surged 30 per cent to USD 45.54 billion in 2023-24. Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (ov