Lower imports by India, the world s second biggest consumer of the precious metal, could limit a rally in global prices that hit a record high earlier this month on expectations that the Federal Reserve will cut interest rates this year.
India s gold imports are anticipated to plummet by over 90% in March, reaching the lowest level since the COVID pandemic. This decline, driven by high prices dampening demand, is expected to be around 10 to 11 metric tons, compared to 110 metric tons in February. Such reduced imports could help India narrow its trade deficit and bolster the rupee.