GUWAHATI: Indian gold futures surged to an unprecedented high on April 1, mirroring the uptrend in international markets and creating a strain in the world's second-largest consumer market of the precious metal, as stated by industry experts.
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The domestic gold futures climbed to Rs 69,487 ($834.07) per 10 grams, marking a remarkable surge of nearly 10% since the beginning of the year 2024.
Reports indicated a staggering decline of over 90% in India's gold imports for March compared to the previous month. This anticipated drop is poised to reach its lowest levels since the onset of the COVID-19 pandemic.
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The combination of soaring gold prices and diminished import figures signals a significant shift in India's gold market dynamics, impacting both traders and consumers alike, as per reports.