Standstill in India gold imports drags on, threatens supply

Indian banks have been unable to import gold and silver for five weeks, an unusually long halt that’s pushing up domestic prices and threatening shortages in the world’s second-biggest bullion market.

Shipments have been stuck at customs since the start of the financial year on April 1, ensnared by administrative bottlenecks and a lack of clarity over taxes, traders with direct knowledge of the matter said.

Lenders in India are no stranger to occasional hiccups in importing precious metals, but the current delays are risking a shortage in the local market. Jewelers are seeking to restock following the Akshaya Tritiya festival, an auspicious time to buy gold and silver.

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