India gold imports surge 67% in 2017 on restocking, retail demand
India’s gold imports surged 67% in 2017 from the previous year to 855 tonnes as jeweller’s replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13% last year, their best annual performance since 2010. The country’s overseas gold purchases in December stood at 70 tonnes, up 40 percent from a year ago.
Source: Reuters
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