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Gold Imports by India Slump as Inventories Pile Up

  • World’s no. 2 consumer sees inbound shipments drop 31 percent
  • Market assessing demand after Diwali festival last month

Gold imports by India, the world’s biggest consumer after China, dropped 31 percent last month from a year earlier, according to a person familiar with the information.

Inbound shipments fell to 66.8 metric tons in October, from 96.7 tons, said the person, who asked not to be identified because the data aren’t public. The figure would leave imports for the first 10 months at 777.1 tons, still 91 percent higher on the year, according to data compiled by Bloomberg. Finance Ministry spokesman D.S. Malik didn’t respond to a call to his mobile phone to confirm the October amount.