June gold imports hit 2-yr low as record price dents demand

India’s gold imports in June fell 40% from a year ago to their lowest level in more than two years, asa price rally to a record high sapped demand, a government and two industry officials told Reuters.

- Reuters

Imports to India, the world’s second-largest gold consumer, fell to 21 tonnes, the lowest since April 2023, said a government official, who declined to be named as he was not authorised to talk to the media.

In value terms, gold imports fell to $1.84 billion in June from $2.48 billion a year ago, the official said. In the past decade, on average, India imported 52.4 tonnes of gold in June.