A surge in demand among Indian consumers for gold jewellery and bars after a recent cut to tariffs is helping to drive global bullion prices to a series of fresh highs.
India’s gold imports hit their highest level on record by dollar value in August at $10.06bn, according to government data released Tuesday. That implies roughly 131 tonnes of bullion imports, the sixth-highest total on record by volume, according to a preliminary estimate from consultancy Metals Focus.
The high gold price — which is up by one-quarter since the start of the year — has traditionally deterred price-sensitive Asian buyers, with Indians reducing demand for gold jewellery in response.
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