India's gold imports fall sharply to 1.4 tonnes in May: Report

India’s gold imports in May plunged 99% from a year earlier as international air travel was banned and jewelry shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world’s second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorized to speak to the media.

In value terms, May imports dropped to $76.31 million from to $4.78 billion a year ago, he added.