India's gold imports down 81%; global prices could be impacted - Nikkei Asia

AI desk brief

India’s gold imports plunged 81% in September ahead of the festive season, a potential bearish demand signal for global bullion. Reuters/Nikkei cited elevated domestic prices and Prime Minister Modi’s repeated calls against gold buying as the main drags, with 22-karat gold at 136,000 rupees per 10 grams in New Delhi in early October versus 112,000 rupees a year earlier.

Retailers said they still have enough stock to cover the festival and wedding seasons, but the sharp import drop raises the risk that India’s weaker physical buying filters through to global prices if demand stays subdued.