India’s Gold imports Hit Three-year Lows, May not have a big impact on Gold prices. Indian Gold imports in August fell 73% from a year ago to hit the lowest level in three years as the hike in import duty and record highs in local prices curbed retail demand, a government source said on Wednesday.
India imported 30 tonnes of Gold in August, down from 111.47 tonnes a year ago, the source said.
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A drop in imports by the world’s second-biggest consumer may not weigh over Gold prices unless markets scale back dovish Federal Reserve expectations. The central bank is expected to cut rates by 25 basis points in September.