June gold imports decline 80.6%

Gold imports into India, the world's biggest buyer of the metal, fell 80.56 per cent to 31.5 tonnes in June from the previous month, a government source familiar with the data said on Monday, lower than the trade body's estimate.

However, the source said gold imports are expected to increase in coming months due to a fall in prices.

All India Gems and Jewellery Trade Federation had estimated gold imports for June to be at 37-40

tonnes.

India sharpened measures to curb imports of the yellow metal by hiking the import duty and restricting consignment imports, after shipments jumped to more than 300 tonnes in April and May.

India's current account deficit hit a record high 4.8 percent of gross domestic product in the fiscal year that ended in March, fuelled by rising imports of oil and gold.