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India admits miscalculations on gold for months

ByVictoria

The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.

The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.

Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.

Source – Bloomberg / Live Mint

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    All cities with gold rates listed in the link

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    ByVictoria
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    Gold (XAU/USD) rose sharply during the Asian session on Thursday, reaching $3,126.67, as global markets reacted to renewed trade tensions. 

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    ByVictoria
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