India's gold imports are set to tumble 85% in February from year ago levels to their lowest in 20 years, with demand sapped by record prices for the precious metal, a government official and three bank dealers told Reuters.

India's gold imports in February are likely to fall to around 15 metric tonnes, the lowest for the month in at least two decades, from 103 tonnes in February, 2024

Correspondingly, local markets have experienced a substantial increase. The price of 24-carat gold per tola has surged by Rs1,000 , reaching Rs308,000. Similarly, the price of gold per 10 grams has risen by Rs857 rupees, reaching RS264,060.