India will become a strong support for gold prices

According to data for April, gold imports to India almost completely stopped. The second largest consumer of the yellow metal in the world after China purchased only 50 kg of gold in April! According to information provided by the Hindustan Times, the decrease in volume was -99.9% of the March values. And this is almost 13 tons of precious metal.

This situation is dictated by the impact of the quarantine on the country, which led to the suspension of almost all air traffic and the paralysis of retail trade. According to experts, by the end of 2020, the import of gold to India may be reduced by half.

However, the current situation is not a reason for investors to sound the alarm. The decrease in volume is the result of quarantine measures and does not indicate a lack of interest in the precious metal among consumers. Moreover, after the end of the quarantine, the gold market will receive a powerful boost for growth, based on the existing deferred demand.

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