April gold imports plunge 99.9% YoY to 3-decade low: Source

NEW DELHI/MUMBAI: India’s gold imports plunged 99.9 per cent year-on-year in April to their lowest in nearly three decades as air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world’s second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago, the source said on Monday, who is not authorised to speak to the media.

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