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Gold imports nearly double in August as prices dip ahead of festivals

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices , which have corrected nearly 12% from an all-time high of $2,072 in August 2020

Gold, jewellery, Jewellers
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A price correction in the first half of the month gave an ideal opportunity for jewellers who wanted to build inventories for the upcoming festive season, said a Mumbai-based dealer with a gold importing bank.

Rajendra Jadhav | Reuters Mumbai
India's gold imports in August nearly doubled from a year earlier to the highest in five months on strong demand and as weaker prices prompted jewellers to ramp up purchases for the festive season, a government source said.

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices , which have corrected nearly 12% from an all-time high of $2,072 in August 2020. The surge in imports could increase India's trade deficit and pressure the rupee .

India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier, the source said on Monday on condition

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