New Delhi, March 27 -- Indias gold imports are likely to drop in March by over 90% compared to the previous month, reaching the lowest point since the onset of the COVID-19 pandemic, media reported.

The decline in imports is due to banks reducing imports following a surge in prices, which dampened demand, reported Reuters.

The decrease in imports from India, the worlds second-largest consumer of gold, may restrain the upward movement of global prices, the report stated.

These prices had recently reached a record high, fuelled by speculations of potential interest rate cuts by the Federal Reserve later this year.

Furthermore, the decline in imports could contribute to narrowing Indias trade deficit and providing support for the rupee....