India's gold imports plunge 73% in March

India's gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source said.

The world's second-biggest consumer of the precious metal imported 25 tonnes of gold in March, down from 93.24 tonnes a year ago, the source said.

In value terms, March imports dropped nearly 63% to $1.22 billion, he added.