India’s gold bar imports fell 46% in June to 26 million tons (mt). As per the customs data, Import of gold bar in the previous month was 50.1 mt. Imports were down 40% year on year, from 44.6 mt in June 2015, to their lowest level since March.
Demand from the second largest consumer in the world fell due to high prices and a running dispute with the government over new taxes and proposed reforms to the industry.
India consumed almost 1,000 mt of gold in 2015, but gold bar imports were at only around 215 mt so far this year, just under half the 2015 level. The imports of gold dore, unrefined gold ore, jumped over fourfold in June to 44.6 mt, the highest in almost a year.
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