Chart of the Day: India’s Shrinking Gold Imports

Gold imports fell in July to $ 1.07 billion, contracting year on year for the sixth month in a row. One of the largest importers of gold in the world, India uses most of it to meet the demand in the jewellery industry. The sustained contraction over the last six months, which began with the strike of jewellery sellers in February, has helped narrow the trade deficit for the country. It is now down to $ 7.76 billion in July this year, compared to $ 13 billion a year ago.

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