India bought $6.2 billion worth of gold in February, a monthly record

Gold imports to India in February increased to $6.2 billion, a growth of more than 2.3 times compared to the same period last year

Gold bars
Gold bars, illustrative photo / pixabay.com

In February 2023, India purchased gold amounting to $6.15 billion, marking a significant increase compared to previous periods.

This volume of purchases is 2.3 times higher than the figures for February of the previous year and 3.2 times higher than for January of the same year, as well as twice the usual monthly level, reports "Interfax-Ukraine".

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Prithviraj Kothari, the president of the India Bullion and Jewellers Association, suggests that purchases may decrease in March due to high gold prices, which deter buyers, especially in light of the current wedding season.

In his opinion, it makes no sense for banks and manufacturers to import gold at such prices.

In the first two months of 2023, the total volume of gold imports into the country reached $8.06 billion, increasing 2.4 times compared to the same period last year.

Throughout 2023, India imported about 744 tons of gold worth $42.58 billion, which is 4% more by weight and 16% more in value than the previous year.

The country remains one of the largest global buyers of this precious metal, without having its own production.

Previously, we wrote that prices for precious metals are on the rise, with gold approaching its historical maximum, and silver reaching the highest mark for the last month. Gold increased its value by 0.5%, while silver rose by 2.6%. This increase in value occurs against the backdrop of a falling US dollar exchange rate and rising inflation expectations.

Also, the US Department of Energy raised its price forecast for Brent oil by $5 per barrel for 2024-2025, due to the continuation of OPEC+ actions to limit production.

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