India gold prices soar to record high, dampening demand, dealers say

Indian gold futures hit an all-time high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, dealers said.

Domestic gold futures rose to 69,487 Indian rupees ($834.07) per 10 grams, up nearly 10 percent so far in 2024.

India's gold imports are set to plunge by more than 90 percent in March from the previous month to hit their lowest since the COVID pandemic, a government official and two bank dealers told Reuters last week.