A slight recovery in prices and slowdown in demand has resulted in gold imports declining sharply from the previous month

Gold imports have declined by over 15% to 28.8 tonnes during February compared to the previous month following slight recovery in prices and slowdown in demand due to the current off-season, reports PTI.

The imports of the yellow metal stood at 34 tonnes in January, according to data from the Bombay Bullion Association.

According to experts, gold prices had recovered marginally during February compared to the previous month, negatively affecting shipments. Imports also fell due to low demand in the absence of any major trigger in the current off-season.

In January, gold had closed at $1,079.20 an ounce (28.34 grams) against $1116.70 an ounce in global markets in February due to weakness in the dollar.