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Indians are falling out of love with gold and have a new-found fascination

Weak rupee, less rural demand and low interest from millennials are among the factors for low imports

Shruti Srivastava & Swansy Afonso I Bloomberg 

Imports slumped more than 25 per cent to 54 metric tons in June from a year earlier, a person familiar with the information said, asking not to be identified as the figures aren’t public. Overseas purchases plunged 40 per cent to 343 tons in the first half from a year ago, according to data from Finance Ministry officials compiled by Bloomberg.

Buying has been poor as the rupee extended its slump to a record low last month, making prices of overseas goods more expensive. Rural demand has suffered as farmers typically slow purchases from June to August because they are busy ...

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First Published: Wed, July 04 2018. 15:53 IST
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