India's Jan gold imports plunge 76% to 32-month low

The country imported 11 tonnes of gold in January, compared with 45 tonnes a year earlier, a government source says

India's January gold imports plunged 76% from a year earlier to a 32-month low on subdued demand after domestic prices rallied to record highs and as jewellers postponed purchases, hoping for a reduction in import duty, a government source said.

The country imported 11 tonnes of gold in January, compared with 45 tonnes a year earlier, the source said on condition of anonymity, as he is not authorised to speak to the media.

In value terms, January imports dropped to $697 million from $2.38 billion a year earlier, he said on Thursday.