Demand dropped to about 7.5 tonnes from roughly 25 tonnes a year earlier after the duty hike, according to the source.
Gold demand in India fell about 70% after a sharp import duty increase, with purchases dropping to roughly 7.5 tonnes from around 25 tonnes in the same period a year earlier. The figures point to a significant slowdown in physical buying in one of the world’s largest gold markets, where higher duties can raise domestic prices and reduce consumer demand.