India's gold imports may dip 30% this month

According to Anantha Padmanabhan, chairman, All India Gem and Jewellery Domestic Council, India’s gold imports are seen falling 30% this month from the previous month, as higher gold prices curb the demand, as cited by Economic Times.

Padmanabhan added: “Prices, however, rose earlier this month despite concerns ebbing over a prolonged US-China trade war, even as global investors await further clarity from “phase one” of the trade deal. Gold imports are expected to touch 50 tonnes in December.”

It's worth noting that India is the world’s second-largest gold consumer after China. At the press time, XAU/USD stalls the upside but remains close to the seven-week highs of $1491.36 reached last hour amid US-China trade deal concerns.