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Gold imports at 7-month high in July as jewellers replenish stocks

Indian gold prices fell to their lowest level in six months in July

Reuters  |  Mumbai 

India's gold imports rose for the first time in seven months in July after a fall in prices ahead of a jewellery exhibition prompted jewellers to replenish stocks, provisional data from metals consultancy GFMS showed. The 44.2 per cent year-on-year jump in gold purchases to 75 tonnes last month by the world's second-biggest consumer could support global prices, which on Monday dropped to 17-month lows. But higher gold imports may widen the South Asian country's trade deficit and put further pressure on its currency, the rupee that hit a record low of 69.89 against the ...

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First Published: Tue, August 14 2018. 00:14 IST