Indian gold imports of 220 tons in May were up from 36 tons in May 2016.
May Indian Gold Imports were the largest one month total in twenty years.
The impact of 220 tons imported into India on the price of gold was de minimus
Indian silver imports also exploded exponentially in May.
UPDATE July 12, 2017: A review of provisional June Indian gold import numbers highlighted a discrepency in the May gold numbers. I contacted the data provider and discovered that May import numbers reflected combined April and May imports. The actual May Indian gold import number was 123.694 tons. Gold imports were up 244% in May from 36 tons in May 2016. The provisional June Indian gold import number is 72 tons. The charts below have been revised to reflect the corrected number.
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