Gold imports by India, the world’s second-biggest consumer, surged about 40% in August on strong festive buying, a person familiar said, threatening to blow out the trade deficit that has already been high due to rising oil prices.
The value of inbound gold shipments grew to $4.9 billion in August from $3.5 billion a year earlier, according to a person familiar with the matter. The numbers are provisional and could change, said the person, who asked not to be identified as the information isn’t public.
Gold purchases usually pick up in the second half of the year during festivals, which culminate with Diwali in October or November, weddings and as an auspicious investment. An expected rise in purchases during the festive months could help pare a drop in this year’s consumption, hit by elevated local prices and a slowdown in discretionary spending.
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