India's overseas purchases of gold could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters. 

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Lower imports by the world's second-biggest consumer of gold could weigh on global prices that are already trading near their lowest level in 10 months, although it would likely help the South Asian country trim its trade deficit.

"In December gold imports could fall below 50 tonnes. Retail demand is very weak due to the cash crunch," Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, told Reuters. 

                                                        The November imports jumped to around 100 tonnes, highest since December 2015, Bamalwa said, as people with unaccounted wealth rushed to buy bullion following Indian Prime Minister Narendra Modi's shock withdrawal of 500 and 1,000 rupee banknotes to fight graft and "black money".