India's gold imports in June more than tripled from a year ago

Reuters reporting the provisional data from consultancy GFMS that showed India's gold imports in June more than tripled to an estimated 75 tonnes from 22.7 tonnes seen a year ago. For H1 2017, imports rose to 514 tonnes, up 161% from a year ago.

The main reason behind the jump in India’s imports is cited as a surge in retail demand ahead of the start of a new sales tax that prompted jewellers and bullion dealers to replenish stocks, according to GFMS.

Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, noted on Tuesday: "Demand was higher than normal in June as some consumers advanced buying to avoid paying higher tax."