March gold imports hit 6-1/2-year low on record price: Source

MUMBAI: India's gold imports plunged more than 73 per cent year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source said on Monday.

The world's second biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago, the source said, who is not authorised to speak to the media.

In value terms, March imports dropped nearly 63 per cent to $1.22 billion, he added.