India’s gold imports surges to 67% in 2017

India’s gold imports surged 67% in 2017 from the previous year to 855 tonnes according to provisional data from precious metals consultancy GFMS showed.

India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13% last year, their best annual performance since 2010. “Jewelers were replenishing inventory in the first half of 2017 after demonetization in the last quarter of 2016,” Sudheesh Nam-biath, a senior analyst with GFMS, said.