India's gold import is likely to fall at least 15% in 2018

High prices, weaker rupee and tighter credit may dampen demand; but this might come as a relief for policymakers, RBI

After a steep rise last year, gold import is likely to fall at least 15 per cent in 2018. 

This might come as a relief for policymakers and the Reserve Bank of India (RBI). In the monetary policy review presented on June 6, the central bank had said a significant decline in import of gold, pearls and precious stones had offset the impact of rising crude oil prices in April. 

The RBI was worried about a high oil import bill, which could have an adverse impact on the currency and fiscal position. Gold import projection is expected to be lower