India's April gold imports drop 45% to 3-month low on record prices

MUMBAI: India's April gold imports plunged 45% from a year earlier to a 3-month low as a rally in local prices to a record high curtailed demand during a key festival, a government source said on Tuesday.

The country imported 16 tonnes of gold in April, compared with 29 tonnes a year earlier, the source said on condition of anonymity as he is not authorised to speak to the media.

The average monthly imports in April in the past decade were around 71 tonnes.