India's May gold imports fall 99% from a year ago to 1.4 tonnes - government source

Reuters
·1 min read
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolka, Indiata

NEW DELHI (Reuters) - India's gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world's second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorised to speak to the media.

In value terms, May imports dropped to $76.31 million from to $4.78 billion a year ago, he added.

(Reporting by Aftab Ahmed and Rajendra Jadhav; Editing by Christian Schmollinger)