Imports of gold in India in January-July declined by 30%. India imported $2.37 billion worth of gold in July 2022, according to the country’s Ministry of Commerce and Industry.
This is 14% less than in June, 10% less than the 2018-2019 “pre-crisis” average, and 44% less than in July of last year. In just seven months, India’s gold imports are down 30% from the same period in 2021, to $21,083 billion.
India is one of the largest consumers of gold in the world, producing almost no gold itself.
Earlier we reported that Exxon oil and gas company increased global trading operations amid high commodity prices.