A government source in India said today, Monday, that his country’s gold imports tumbled 99.9 percent year on year in April, hitting its lowest level in nearly three decades.
The source added that the second largest consumer of the precious metal in the world imported about 50 kilograms of gold last month, recording a decrease from 110.8 tons a year ago.
He said that in terms of value, gold imports fell in April to $ 2.84 million from $ 3.97 billion a year earlier.
On the other hand, data from the International Monetary Fund showed that India increased its gold reserves by 11.199 tons to 653,024 tons in March.
It is worth noting that the ban on air travel and the closure of jewelery stores amid general isolation measures across the country to curb the spread of the emerging corona virus, was the main reason for this decline.