Indian gold futures reached a record high on Monday, influenced by increases in international markets, impacting demand in the world’s second-largest consumer of the precious metal, according to dealers.
Domestic gold futures surged to 69,487 Indian rupees ($834.07) per 10 grams, marking an increase of nearly 10% in 2024.
India’s gold imports are set to plunge by over 90% in March compared to the previous month, reaching their lowest levels since the COVID-19 pandemic began, according to a government official and two bank dealers who spoke to Reuters last week.