Coronavirus in India: Gold imports plunge more than 73{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} in March

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.

In value terms, March imports dropped nearly 63{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to $1.22 billion, he added.

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