Wednesday, September 30, 2009

High Gold Price Curtails Indian Imports

India’s Gold Imports Drop for Fifth Month, Traders’ Group Says

Sept. 30 (Bloomberg) -- Gold imports by India, the world’s biggest buyer, probably fell for the fifth month in September as rising prices deterred jewelry buyers, a traders’ group said.

Overseas purchases may total 50 metric tons, compared with 54 tons a year ago, said Harmesh Arora, vice president of the Bombay Bullion Association Ltd., citing preliminary data.

“The overall imports will still be less than last year as prices are still too high,” Arora said...

...India’s gold purchases have fallen every month since April and imports last month were 21.8 tons compared with 98 tons a year earlier, according to the association.