Gold imports dip about 8% in 2015-16

Gold imports declined by about 8 per cent to $31.72 billion in 2015-16 due to weak global prices and are expected to keep a lid on the country's current account deficit.

Gold imports stood at $34.38 billion in 2014-15. The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.

In March, the imports dipped for the second consecutive month in March. It fell by 80.48 per cent to $972.96 million.