As per report it was stated that India's gold imports plunged more than 73 per cent 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.Gold had hit a record high of ₹47,327 per 10 gram earlier this month and since then the precious metal has remained volatile.
In value terms, march imports dropped nearly 63% to $1.22billion, he added. gold prices in india today edged lower, their first decline in four days as global rates also softened a bit. On MCX, june gold futures edged 0.22% lower to ₹46,425 per 10 gram after rising about ₹1,300 per 10 gram in previous three sessions. silver futures however gained with May futures on MCX advancing 0.66% to ₹42,330 per kg. gold had hit a record high of ₹47,327 per 10 gram earlier this month and since then the precious metal has remained volatile.