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Citing a government source on Thursday, Reuters reported that record-high gold prices and coronavirus pandemic-imposed closure of international air travel led to an 86% plunge in India’s yellow metal imports in June.

Further details

The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago.

In value terms, June imports dropped to $608.76 million from $2.7 billion a year ago.

Market reaction

Gold prices are consolidating Wednesday’s massive sell-off around $1767, losing 0.15% on the day. Attention now turns towards US NFP data for the next direction.

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