Gold imports plunge in India as second wave of Covid-19 slashes demand

Gold imports by India plummeted in May after a deadly new wave of the pandemic shuttered stores and restricted mobility, wiping out demand during key festivals and weddings.

Inbound purchases slumped to 11.3 tons last month from 70.3 tons in April, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Still, that’s higher than the 1.3 tons imported in May last year when the country had come to a standstill due to a nationwide lockdown. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.

Economic recovery and