India's Sept gold imports surge nearly 8 times as prices drop

MUMBAI: India's gold imports in September soared 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, a government source said.

India imported 91 tonnes of gold in September, compared to 12 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorised to speak to media.

In value terms, September imports surged to $5.1 billion from $601 million a year ago, he said.