India gold prices soar to record high, dampening demand, dealers say

A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS

Indian gold futures hit an all-time high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, dealers said.

Domestic gold futures rose to 69,487 Indian rupees ($834.07) per 10 grams, up nearly 10% so far in 2024.

India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest since the COVID pandemic, a government official and two bank dealers told Reuters last week.