Gold Imports In July Plunge 55% As Prices Rally

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India’s gold imports in July plunged 55 per cent from a year ago as a rally in local prices to a record high and a hike in import duty dampened demand in the world’s second biggest consumer of the precious metal, a government source said on Monday.

The country imported 39.66 tonnes of gold in July, down from 88.16 tonnes a year ago, the source said, who was not allowed to speak to the media.

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