Mubasher: India’s gold imports declined for the fourth month running in October, as purchases were dented by record-peak prices during key festivals in the Asian nation, Business Today reported, citing a government source.

India, the world’s second biggest gold consumer, imported 38 tonnes of the yellow metal in October, falling by 33% year-on-year from 57 tonnes, the government source said.

Higher prices hurt retail purchases during the Diwali and Dussehra festivals, the India Bullion and Jewellers Association secretary Surendra Mehta said.

In value terms, imports came in at $1.84 billion last month, a little higher than $1.76 billion.

Gains for the global gold prices could be limited by lower imports by the Asian nation, while it could help New Delhi trim its trade deficit and support the Indian rupee (INR).

By 2:30 am GMT, spot gold fell by 0.28% to $1,510.07 per ounce, while US gold futures ticked down by 0.01% to $1,511.20 per ounce.