How a provision in trade deal with UAE has led to a surge in India’s gold imports

"While cultural affinity for gold remains a significant driver of demand, especially in countries like India and China, the recent surge in gold imports can be attributed to a combination of economic, geopolitical and market factors," Prithviraj Kothari, managing director of RiddiSiddhi Bullions, told ThePrint. An analysis of the government's trade data shows that gold imports rose 30 percent in 2023-24 to $45.5 billion or 795.25 tonnes. At the same time, the demand for sovereign gold bonds (SGBs) jumped 312 percent in 2023-24. That is, the value of SGBs bought that year was more than in the two previous years…