Coronavirus Outbreak: March gold imports hit six-and-half-year low on record price as lockdown squeezes retail demand: Report

Mumbai: India’s gold imports plunged more than 73 percent year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source said on Monday. The world’s second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago, the source said, who is not authorised to speak to the media. In value terms, March imports dropped nearly 63 percent to $1.22 billion, he added.