The latest trade data for India and China showed that imports of gold in the two largest consumers weakened in March. Higher prices probably discouraged purchases. We had warned that this could happen as consumers in China and India tend to be very price-sensitive. However, we expect imports to have recovered somewhat in April. Demand in India usually picks up ahead of the Akshaya Tritiya festival and the recent downturn in gold prices would have been welcomed by bargain hunters.
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