India’s December gold imports fall 79% as high gold prices dampen demand

India imported 79% less gold in December than a year earlier. It reached its lowest level in at least two decades in December as domestic gold prices hover near record highs, leading to lower demand.

The Indian government said today (Jan. 12) that Indian gold imports have declined. This could limit the rise in global gold prices, which are currently trading near their highest levels in eight months. In addition, lower gold imports could reduce India’s trade deficit and strengthen the rupee.

The report shows that India imported 20 tons of gold in December, down from 95 tons a year earlier.

In terms of value, India’s gold imports fell to $1.18 billion in December from $4.73 billion a year earlier. Indian gold imports fell to 706 tons in 2022 from 1,068 tons a year earlier.

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