After a record surge in November, India's gold imports are projected to decrease by over 50% in December 2024. In November, imports more than doubled from the previous month, totaling $14.8 billion, driven by robust investment and jewelry demand amid lower prices and the festive season. However, rising gold prices in December have deterred buyers, likely reducing imports to around $5 billion. This decline could support the rupee and help narrow the trade deficit. The decreased demand has also led dealers to offer discounts on gold, reversing the premiums charged in November.
