India’s August Gold Imports Up 176 Percent

Reuters reported that India’s August gold imports came to a total of $2 billion, up 176 percent from $239 million last year. Meanwhile, the country’s trade deficit increased.

As quoted in the market news:

‘We can manage with monthly gold imports of about $2 billion and the jump in the August number is largely due to last year’s low base after a sudden clamp down,’ Shubhada Rao, an economist at Yes Bank Ltd. in Mumbai, said yesterday. ‘The jump may look alarming, but there is no reason for panic.’

Click here to read the full Reuters report.