Gold imports dip 81% in April-July to $2.47 bn, silver imports down 56.5%

India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 per cent to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of Covid-19 pandemic, according to data from the Commerce Ministry.

Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.

Similarly, silver imports during the first four months of the current financial year also dipped 56.5 per cent to $685.32 million (about Rs 5,185 crore).

The decline in gold and silver imports