August gold imports nearly double from 2020 on price correction

India's gold imports in August nearly doubled from a year ago to their highest level in five months on an improvement in demand and as a correction in prices prompted jewellers to ramp up purchases for the festive season, a government source said.

India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorised to speak to media.

In value terms, August imports surged to $6.7 billion from $3.7 billion a year ago, he said.