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Indian gold imports hit by European flight disruption

Disruption of flights in Europe has hit gold shipments to India, the world’s top buyer of the precious metal, potentially pushing up local prices ahead of a gold-buying festival next month, traders and dealers said.

"Shipments are getting delayed as sizeable gold is being imported from that part of the world," said Pinakin Vyas, assistant vice-president with Mumbai-based IndusInd Bank, a large gold importer.

India buys gold mostly from the UK and Europe, Zurich in particular, but air traffic in the region remains disrupted following last week’s volcanic eruption in Iceland, which has thrown up a plume of ash.