India’s gold imports fall 58% in August, silver imports rise 127%

(Kitco News) – India’s gold imports fell dramatically last month even as silver shipments surged, the Ministry of Commerce announced on Tuesday.Gold imports dropped by 57.75% to $2.3 billion in August, the data showed. However, silver imports actually rose by 127% to $1.02 billion during the month. In May, the Indian government increased import duties on precious metals from 6% to 15%.