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India’s Gold Imports Said to Slide in July After Climb in Prices

  • Purchases from abroad tumbled 77% last month from a year ago
  • Jewelers aren’t actively stocking up for the festival season
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Will the Price of Gold Continue to Rise?

Gold imports by India, which vies with China as the world’s biggest consumer, fell for a sixth month in July as higher prices exacerbated a seasonal lull, according to people familiar with provisional Finance Ministry data.

Purchases slumped 77 percent to 22 metric tons in July from a year earlier, valued at 61 billion rupees ($911 million), the people said, asking not to be identified as the data isn’t public. The country imported 32 tons in June this year. Finance Ministry spokesman D. S. Malik didn’t immediately respond to a phone call seeking comment.