Citing two government sources, Reuters reported on Thursday, India's Gold imports in December plunged 79% from a year earlier.

Additional takeaways

“Gold imports hit the lowest level in at least two decades for the month as a rally in local prices near record high dampened demand.”

“India imported 20 tonnes in December, down from 95 tonnes a year ago.”

“In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago.”

‘India's gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago.”

India is the world’s second-largest Gold consumer after China

Market reaction

After hitting the highest level in eight months at $1,885, Gold price has entered a phase of upside consolidation, awaiting the critical US CPI data. At the time of writing, Gold price is trading at $1,882, adding 0.32% on the day.