India’s Gold Imports Seen Declining on Curbs to Contain Deficit

Gold purchases by India, the world’s largest user, may fall 5.3 percent this year as the government curbs imports to contain a record current-account deficit.

Inbound shipments are seen at 800 metric tons in the 12 months through March, compared with 845 tons a year earlier, Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi today. Falling bullion imports may help the nation cap the current-account deficit at $70 billion this year, he said.