The provisional data from precious metals consultancy GFMS and bank dealers showed that India’s gold imports dropped a quarter from a year ago to 63 tonnes last month, Reuters reports.
The decline in India’s gold imports can be attributed to higher prices, which dented the demand in the world’s second largest yellow metal consumer.
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Lower gold imports could also help the South Asian country reduce its trade deficit, which rose to the highest in more than 4-1/2 years in January.
Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters noted: “The increase in gold prices has curbed local retail demand, which was already suffering as there weren’t any big festivals last month.”
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