India’s October gold imports drop 33% on weak festive demand

Diwali, or festival of lights, is India’s biggest and most important holiday of the year. It’s known for driving diamonds and gold sales up. (Image by: David Sifry | Flickr)

India’s gold imports fell for a fourth straight month in October from a year ago as near record-high prices dampened buying during key festivals in the world’s second-biggest consumer of the metal, a government source said on Monday.

New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago, the source said on condition of anonymity as he is not authorised to speak to media.

In value terms, the October imports were at $1.84 billion, slightly higher than last year’s $1.76 billion, he added.

(By Aftab Ahmed and Rajendra Jadhav; Editing by Himani Sarkar)

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