India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year's tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit.
The previously unreported details of the world's second biggest consuming nation's soaring imports were disclosed to Reuters by a senior government official who requested anonymity as he was not authorised to speak to media.
While global bullion prices drew support from the strong demand in India, the outlay on imports would have added to pressure on the country's ailing rupee . Indian authorities imposed strict lockdowns during the first waves of the pandemic in 2020, hitting gold demand during the wedding season and key festivals such as Akshaya Tritiya, when buying gold is considered auspicious.
Ajmera noted a price correction had made gold more affordable for retail consumers in India early last year
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