The country's gold imports dipped about 5 per cent in value terms to USD 26.93 billion during April-January 2018-19, which is expected to keep a lid on the current account deficit. According to commerce ministry data, total imports of the precious metal in the corresponding period of 2017-18 stood at USD 28.23 billion. Industry experts said softening prices of the precious metal in the world markets could be the reason for the contraction in imports. In volume terms, the country's total gold imports increased by 22.43 per cent to 955.16 tonnes in 2017-18. It had also imposed 10 per cent import duty on gold.

Source: dna February 17, 2019 08:03 UTC