The steep gold prices have deterred gold purchase in India, which plummeted from 74 tonnes a year ago, to 24 tonnes in June 2008, a drop of 68 percent. Gold traded at $933.25 on July 4. Its price rose by 41 percent in 2007 and hit a record of $1,030.80 an ounce on March 17. %% The country’s major gold consumption is from the rural areas, as it is seen as a source of security. Reports add that the industry is hopeful of a revival in demand if the monsoons give a good harvest.