Gold imports in September are estimated at 30 tonnes, down 43 percent from a year ago, GFMS data showed. Imports in the first nine months of 2016 slumped 59 percent from a year ago to 268.9 tonnes, according to GFMS.

Arrivals in 2016 are likely to fall more than 60 percent from a year ago to between 350 tonnes to 400 tonnes, the lowest level in two decades, according to Scotiabank.