Traders announced that Indian gold futures hit a record high on Monday, following gains in foreign markets and reducing demand from the world's second-largest consumer of the precious metal.

Domestic gold futures reached 69,487 Indian rupees ($834.07) per 10 grams, up nearly 10% so far in 2024. A government official and two bank brokers said last week that gold imports from India are expected to fall by more than 90% in March compared to the previous month to reach their lowest level since the COVID pandemic