Lower imports by the world's second-biggest consumer of the precious metal could limit gains in global prices trading near their highest in eight months. The drop in imports could help in bringing down India's trade deficit and support the rupee . In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago, he said. The country's gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago, another government official said. Local gold prices hit a high of 55,365 rupees ($677.72) per 10 grams in December, not far from the all-time peak of 56,191 rupees hit in August 2020.

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