High gold price hits demand in India

INDIA - India, the world's largest consumer of gold, has cut imports of the precious metal by nearly half because of the sharp rise in global prices in recent months.

The yellow metal is associated with just about every social event from marriage, engagement and child births to birthdays in the country. But with gold prices running at a five-year high, demand has taken a hit. "Business is a little bit slow right now, maybe because prices are a bit higher," said Deepak Jhaveri, a jewellery reta