Gold imports dip 25% to $8.4bn in Q1

Gold imports dip 25% to $8.4bn in Q1
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New Delhi, Jul 16: Gold imports fell by 25% to $8.4 billion in the first quarter of the current fiscal due to sliding prices of the metal in both global and domestic markets.
According to data from the commerce ministry, gold imports had amounted to $11.3 billion in the same quarter of FY18. The imports of the metal have been declining since January this year.
Contraction in gold imports help contain the country’s current account deficit (CAD) – which jumped to nearly $49 billion, or 2% of GDP, in FY18.