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India's Gold Imports Contract as New Trade Restrictions Weigh on Demand

Gold shipments into India have declined as the government implements new trade controls to support the rupee amid Middle East conflict. New import duties and volume caps are restricting bullion flows into the world's second-largest gold consumer. Banks and traders are adjusting operations under the heightened restrictions. Domestic gold prices have not yet fully absorbed the additional import costs as some market participants liquidate existing holdings. Industry analysts and trading sources expect demand to remain low in the near term as importers contend with reduced quota allocations and elevated tariff expenses.