India spent record $55.7 bn on gold imports in 2021

India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s total weightage.

India is the world's second biggest gold consuming nation after China.
India imports most of its gold from Switzerland followed by the UAE.
This is majorly due to the price drop which favoured retail buyers and also due to increased demand for weddings that were delayed when the pandemic first hit.
The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion.
In volume, India imported 1,050 tonnes in 2021 compared to the 430 tonnes imported in 2020. This amount is the highest in the last decade.

Please Rate this article, so that we can improve the quality for you -

Date Wise Search