MUMBAI -- Gold imports by India, the world's largest consumer of the precious metal, fell by 20% during the July-September period as high prices hit jewelry demand, the World Gold Council said Thursday.
Imports slipped to 200 tons from 250 tons a year earlier, the council said in its latest quarterly report.
Overseas spot gold price hit a record $1,920.94 a troy ounce on Sept. 6.
Double-digit inflation, coupled with the depreciation of the Indian rupee, have exaggerated the fall in demand for gold, said Ajay Mitra, managing director at the council's India office.
India imports almost all of its gold requirement, and a weak rupee makes imports costlier.
But total imports in the first nine months of this year rose 11% due to higher purchases in the first half of 2011, the council said.
