India’s efforts to keep it’s people away from gold seems to have going nowhere as the country consumed more gold in May than in April when prices crashed.
The world’s largest gold consumer, India imported around 162 tonnes of gold in May, from April’s 142.5 tonnes. For the two months, cost of gold buying hits over $15 billion.
Analysts said with May imports soaring even higher, Indian government is under pressure to look at more measures to rein them in as it is worried over the widening current account deficit, largely on account of the runaway rise in imports of the yellow metal.
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