MUMBAI: India’s gold imports are set to tumble 85% in Feb from year ago levels to their lowest in 20 years, with demand sapped by record prices for the precious metal, a govt official and three bank dealers said. Lower gold imports could help India narrow its trade deficit and support the rupee that is trading near record low against the dollar. India is the world’s second biggest consumer of the precious metal. Gold imports in Feb are likely to fall to around 15 metric tons, the lowest for the month in at least two decades, from 103 tons in Feb 2024.
This is a Reuters’ story
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