Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessEconomy

India's July gold imports drop 24% as prices surge to record: Government source

The world's second-biggest consumer of the precious metal imported around 30 tonnes of gold in July, down from 39.66 tonnes a year ago, the source said.

August 04, 2020 / 11:42 AM IST

India's gold imports in July fell 24 percent from a year earlier as a rally in local prices to a record high curtailed retail purchases amid lockdown in many towns to curb the spread of the coronavirus, a government source said on Tuesday.

The world's second-biggest consumer of the precious metal imported around 30 tonnes of gold in July, down from 39.66 tonnes a year ago, the source said.

The source asked to remain anonymous since he is not authorised to speak to the media.

In value terms, July imports edged up to $1.78 billion from $1.71 billion a year ago, he added.

Follow our full coverage of the coronavirus pandemic here.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show
Reuters
first published: Aug 4, 2020 11:35 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347