NEW DELHI: Gold imports fell by about 48 per cent to $3.90 billion in the first quarter of the current fiscal, which is expected to keep a lid on the current account deficit. The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge. Gold imports stood at $7.51 billion in April-June 2015.
The inbound shipments contracted for a fifth consecutive month in June by 38.5 per cent to $1.20 billion, according to the data by the Commerce Ministry. The contraction in imports helped narrow trade deficit to $8.11 billion last month as against $10.82 billion in June 2015. India is one of the largest gold importers in the world and imports mainly take care of demand of jewellery industry.
