India's gold imports up 331% to record high of $14.86 billion in Nov

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India's gold imports up 331% to record high of $14.86 billion in Nov - Business Standard

Quick Summary:

According to the ministry, gold, with about 25 per cent average annual return, is one of the best-performing assets in 2024 (till November) and high imports indicate strong investor confidence in the precious metal as a safe asset.

The country's gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainly on account of festival and wedding demands, according to commerce ministry data.

Cumulatively, imports during April-November this fiscal year rose 49 per cent to USD 49 billion as against USD 32.93 billion in the same period last fiscal year.