Gold imports drop 99.9% to three-decade low in April: report

NEW DELHI/MUMBAI: India plunged 99.9% yoy in April to its lowest level in nearly three decades, when air travel was banned and jewelry stores closed in the midst of a national closure to curb the spread of the coronavirus, said a government source.

The world's second-largest consumer of precious metals imported about 50 kilograms of gold in April, up from 110.18 tonnes the previous year, the source, who is not authorized to speak to the media, said Monday.

In value terms, April imports fell to $ 2.84 million from $ 3.97 billion a year ago, he added.