Indian gold imports explode again – .

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(Kitco News) – Gold imports to India in September climbed 658% from the lower base of last year’s pandemic as a correction in local prices to the lowest level in nearly six months has prompted jewelers to step up shopping for the upcoming holiday season, a government source said.

The country imported 91 tonnes of gold in September, up from 12 tonnes a year earlier, the source said on Monday on condition of anonymity because he is not authorized to speak to the media.

In terms of dollar value, September’s imports jumped to $ 5.1 billion from $ 601 million a year ago, the source said. India’s gold imports in the September quarter jumped 170% from a year ago to 288 tonnes, the government official said.

A Reuters interview noted that “last month world prices corrected and the rupee appreciated. The combination drastically lowered local prices and allowed jewelers to stock up, ”according to a Mumbai-based dealer with a gold importing bank.

Despite the good news on imports, gold is trading down 0.60% on Monday morning. The yellow metal is trading at around $ 1,750 an ounce despite the US dollar declining 0.13% on the session. That said, the yields on 10-year US Treasuries rebounded to 1.493% (1.91%). The safe haven could wreak havoc on precious metals today.

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