Gold imports surge 236% to $5 billion in May ahead of GST

Apprehension of higher goods and services tax (GST) rate and an increase in demand led to a surge in India’s gold imports by 236.7% to $5 billion in May, causing the highest level of trade deficit in two and a half years.

This is the fourth consecutive month since February when gold imports have more than doubled compared to the same month a year ago.

Gold imports surge 236% to $5 billion in May ahead of GST