India’s soaring demand for gold could boost price of precious metal ...News

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India’s soaring demand for gold could boost price of precious metal
source : Russia Today ( News ) () 31
The world’s second-biggest consumer of gold, India, ramped up imports of the metal by 471% from a year earlier to a record 160 tons in March, Reuters reported, citing a government source. According to the source, the country purchased a record 321 tons of gold in the first quarter, up from 124 tons a year ago. In value terms, imports surged to $8.4 billion from $1.23 billion, the source said.  Analysts predict that higher imports by one of the world’s top bullion consumers could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020.  Imports grew after a reduction in taxes, and th

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