Gold imports to India jumped to a record $10 billion in August

In August 2024, India imported gold worth $10.06 billion, which became a historical record, according to the country's Ministry of Trade and Industry. This figure is more than twice the volume of imports in August 2023 and three times more than in July 2024.

Deputy Minister of Trade and Industry of India Sunil Bartwal named several factors contributing to this growth. Among them are a reduction in import duties, an increase in world gold prices and the accumulation of precious metal reserves before the upcoming holiday season. In July, duties on gold in India were significantly reduced from 15% to 6%, and on dore alloy — from 14.35% to 5.35%, which, according to analysts, should have stimulated demand.

World Gold Council expert Kavita Chako predicted that additional measures would increase demand for gold by at least 50 tons in the second half of the year. In the first eight months of 2024, India imported gold worth $32.294 billion, which is 30% more compared to the same period last year.

India remains one of the world's largest consumers of gold, despite the fact that it practically does not produce it itself. In the first half of the year, the country imported about 305 tons of gold worth $19.103 billion, which is 5% more in physical terms and 17% more in value.