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India’s gold imports in May jumped 677 per cent from a year ago to the highest level in a year as correction in prices just before a key festival and wedding season boosted retail jewellery purchases, a government source said.
Higher imports by the world's second-biggest bullion consumer could support benchmark prices, but the surge could increase India's trade deficit and put pressure on rupee.
India imported 101 tonnes of gold in May, compared to 13 tonnes a year earlier.
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