Indian Gold Imports up 511% in May.
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.
Indian Gold Imports
May Indian gold imports were 123.694 tons up 30.2% from May imports of 95 tons, and up 244% from 36 tons imported in May 2016.
Indian Gold Imports May 2016 – May 2017
Indian Gold Imports July 2014 – June 2017
May 2017 Indian gold imports were the highest since August 2015.
Indian gold imports were 582 tons (approximately 18,711,734 ounces) in 2016 down 38.7% from 949 tons (approx. 30,511,058 ounces) in 2015.
Indian Annual Gold Imports 1999 – 2017
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India’s Gold Reserves
According to the World Gold Council, as of June 2017, India held the tenth most gold of any nation.
The Indian gold import charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of Sharelynx and are updated monthly and archived on Smaulgld.com. Visit Nick’s gold and silver chart festival at goldchartsrus
Click to see an overview of India and Silver and a 2016 Indian silver imports .
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