India’s Rising Gold Imports Due To Festivities May Surge Trade Deficit

ENA Sectors 2023-09-14 16:26:36 New Delhi, Sept 14 (KNN) Indias trade deficit is likely to shoot up owing to the gold imports driven by festive buying. India is the second biggest consumer of the precious metal has risen to the tune of 40 per cent in August 2023. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> As per the provisional numbers of India's gold imports in India in August 2023, a person familiarly with the developments told Mint that on the condition of anonymity that India's gold imports grew to USD 4.9 billion, which stood at USD 3.5 billion in August 2022. Indian government is set to announce overall trade deficit data on September 15, 2023 i.e. on Friday this week. According to Bloomberg survey of economists, India's trade deficit is expected at USD 21 billion. A trade ministry spokesperson said August trade data is still being compiled and it would be premature to comment on the figures, while a Finance Ministry spokesperson couldnt be reached on the mobile for comment, reported Mint. Gold purchases usually pick up in the second half of the year during festivals, which culminate with Diwali in October or November, weddings and as an auspicious investment. An expected rise in purchases during the festive months could help pare a drop in this years consumption, hit by elevated local prices and a slowdown in discretionary spending. (KNN Bureau) 34793 https://knnindia.co.in/news/newsdetails/sectors/indias-rising-gold-imports-due-to-festivities-may-surge-trade-deficit 2023-09-14 16:26:36 knnindia.co.in India’s Rising Gold Imports Due To Festivities May Surge Trade Deficit