No gold imports by India for second month -trade
MUMBAI, March 31
MUMBAI, March 31 (Reuters) - India imported no gold for the second month in a row in March as high prices dented consumer demand in the world's biggest market for the metal, the head of a trade body said on Tuesday. "Our records are showing zero so far," Suresh Hundia, president of the Bombay Bullion Association (BBA) told Reuters. "Scrap sales have reduced, but demand is not there either."
Imports in February and March last year were 23 tonnes and 21 tonnes respectively.
As local prices of gold climbed to a record high of 16,040 rupees ($315) per 10 grams MAUc1 on Feb. 20, people sold old ornaments raising supply of scrap and keeping imports at bay.
Prices have since eased, but at 15,138 rupees on Tuesday is still seen as too expensive with an economic slowdown further dampening sentiment, Hundia said.
Exports of gold coins slowed down in March as the gap between foreign and local prices narrowed from February, he said.
India has been the world's biggest buyer of gold for years, but imports slumped 48 percent in 2008 to 396 tonnes.
The falling trend has continued this year with imports in January plunging 89 percent from the same month last year to 1.9 tonnes.
For a graphic showing India's monthly gold imports, double click on: here ($1=50.9 rupees) (Reporting by Ruchira Singh; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- UPDATE 3-Rebels likely downed Malaysian jet 'by mistake' -U.S. officials
- Rebels likely downed Malaysian jet 'by mistake' - U.S. officials
- Analysis - Argentine default in balance as government refuses to capitulate
- Italy gives Google 18 months to change data use practices
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank on continued foreign-investor buying, while higher Asian shares also helped sentiment. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article