Gold imports by India, the world's biggest buyer of bullion, slumped 68 percent from a year earlier in June as high prices eroded demand from jewelers and investors, Reuters reported.

Purchases declined to 24 metric tons from 74 tons, according to provisional data compiled by the Bombay Bullion Association Ltd., which represents 230 trading companies.

India imported 722 tons of bullion in 2007, less than the 1,000 tons estimated by the World Gold Council at the beginning of the year.

It is worth mentioning that gold has advanced 41 percent in the past year, touching a record $1,030.70 an ounce in March.