New Delhi, June 19 -- Gold imports into India fell sharply in May after the government raised import duty on the precious metal from six per cent to 15 per cent in mid-May, according to a World Gold Council (WGC) report.

Gold imports declined 39 per cent month-on-month to USD 3.4 billion in May, although they were still 34 per cent higher compared to the same period last year.

The government increased the import duty on gold by 9 percentage points on May 13 to save forex, marking the steepest hike on record, along with broader regulatory measures.

"In volume terms, we estimate imports to be in the range of 25-30t, notably lower than April's 46t and the two-year average of 59t, reflecting a moderation in import volume as the higher duty...