India's May gold imports jump 49pc on festive demand

NEW DELHI: India's gold imports in May jumped 49pc from a year earlier to 116 tonnes as a correction in local prices during a key festival boosted retail demand, a government source said on Tuesday.

Higher gold imports by India, the world's second-biggest consumer of the precious metal, could support global prices that are trading near their highest level in three months.

The country's gold imports in value terms rose to $4.78 billion in May from $3.48 billion a year ago, a government official said, who was not allowed to speak to the media.

India had imported 78 tonnes of gold in May 2018.