India's March gold imports halve as price rally dents demand - GFMS

By Rajendra JadhavMUMBAI (Reuters) - India's gold imports in March halved from a year ago to 52.5 tonnes as a rally in local prices to 16-month high slashed demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed.

The drop in purchases by India, though, could weigh on global prices, which are still up nearly 8 percent from a mid-December trough, despite dropping back from a 17-month high hit at end-January.Lower gold imports could also help the South Asian country.

This article is no longer available in our repository.

There could be multiple reasons for this.