India's gold imports drop 80.48% to $972.9 million in March

Zee Media Bureau

New Delhi: India's gold imports in March slumped by 80.48 percent to USD 972.9 million as higher prices and jewellers' strike curbed demand.

Indian jewellers went on an indefinite strike from March to protest the reintroduction of excise duty on gold jewellery after four years.

The strike and higher prices are believed to have cut India`s demand for gold in March quarter by about two-thirds from a year ago to its lowest in seven years.