Gold imports surged 67% in 2017, says GFMS
India’s gold imports surged 67% in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed.
The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global gold prices, which are already close to their highest levels in three months.
Spot gold values gained more than 13% last year, their best annual performance since 2010.
“Jewellers were replenishing inventory in the first half of 2017 after demonetisation in the last quarter of 2016,” Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, said on Tuesday.
The country’s overseas gold purchases in December stood at 70 tonnes, climbing 40% from a year earlier, GFMS data showed.