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India gold prices soar to record high, dampening demand, dealers say
4:44 CAT | 01 Apr 2024
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. [File photo: Reuters/Rupak De Chowdhuri]
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.
Source: Reuters
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