According to government and industry officials speaking to Reuters, India’s imports of silver increased by 266% in February to a new high as significant purchases from the United Arab Emirates were encouraged by lower levies. Officials said the imports were on track to rise by 66% this year.<\/p>\n
India, the world’s largest consumer of silver, may see higher demand, which would allow prices to rise to almost their highest point in three years.<\/p>\n
An anonymous government official stated that India imported a record 2,295 metric tonnes of silver in February, compared with 637 tonnes in January. The official was not authorized to speak with the media.<\/p>\n
Inside his store in Ahmedabad, India, a silver merchant weighs the silver jewelry he sells. Reuters<\/p>\n
According to government and industry officials speaking to Reuters, India’s imports of silver increased by 266% in February to a new high as lower levies encouraged significant purchases from the United Arab Emirates. Officials said the imports were on track to rise by 66% this year.
\nIndia, the world’s largest consumer of silver, may see higher demand, which would allow prices to rise to almost their highest point in three years.<\/p>\n
An anonymous government official<\/a> stated that India imported a record 2,295 metric tonnes of silver in February, compared with 637 tonnes in January. The official was not authorized to speak with the media.<\/p>\n In February, Deposits at Saudi Banks Grew by 10.26%.\u00a0\u00a0\u00a0<\/a><\/p>\nAlso Read:<\/strong><\/h4>\n