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Falling gold imports demand could narrow India trade deficit

Indian gold demand in the Q1( March quarter)fell 17% to the lowest level in 10 quarters and is likely to remain subdued even during June and September quarters on record-high prices, according to World Gold Council (WGC).

India's gold imports fell by 24.15% to $35bn in 2022-23 due to global economic uncertainty and a high import duty on gold.

The lower purchases in India could limit a rally in global prices, with bullion trading near all-time highs. Falling demand for gold imports could also help to narrow India's trade deficit and support the rupee.

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