India's Gold Imports Fell 24% In July Amid Record Prices

India's gold imports in July fell 24 percent from the same month a year ago as record-high prices of the metal in the country hurt demand along with lockdown and movement restrictions in many towns to curb the spread of coronavirus, a Reuters report said citing a government source on Tuesday.

The world's second-biggest consumer of the precious metal (after China) imported around 30 tonnes of gold in July, down from 39.66 tonnes a year ago, the report said citing a source not authorised to speak to the media.

In value terms, July imports edged up to $1.78 billion from $1.71 billion a year ago, the report added.

In April, gold imports had plunged to 99.9 percent compared to the same month a year ago, amid prohibition on air travel and operation of jewellery retailing shops.

India imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago.