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Gold Imports by India Double as Price Drop Fuels Demand

Gold imports by India, the world’s biggest user after China, more than doubled in the third quarter as a decline in prices spurred jewelry demand during festivals, the World Gold Council said.

Official purchases jumped to 204 metric tons in the three months through September from 91 tons a year earlier, council data showed today. Demand gained 39 percent to 225.1 tons, with jewelry purchases surging 60 percent to 182.9 tons, the highest for the third quarter since 2008, the council said. Coins and bar usage dropped 10 percent to 42.2 tons, it said.