| Date: |
30-06-2009 |
| Subject: |
Gold import may fall by 44 pc in June |
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New Delhi (PTI): India's gold import may fell by about 44 per cent to 10 tonnes in June over the previous month due to high prices and low demand for the precious metal in the domestic markets, experts have said.
Gold import stood at 18 tonnes in May, according to the data provided by the Bombay Bullion Association.
"Gold imports in June will be about 10 tonnes as the demand has slowed down following high prices. Unless the prices come down, there will be no improvement in imports," Bombay Bullion Association Director Suresh Hundia told PTI.
Gold prices ruled over Rs 14,600 per 10 grams level in both spot and futures markets last week. In the international markets gold prices were at 938.55 an ounce (28.34 grams).
The import of gold has been sluggish so far this year and is estimated at around 50 tonnes during the January-June period against 139 tonnes of gold shipments into the country in the corresponding period of 2008.
There were no imports in February and March owing to absence of demand in the domestic market following high gold prices, which ruled over Rs 15,000 per 10 grams level.
In April, India imported 20 tonnes of gold due to rise in demand for 'Akshaya Tritiya' -- a festival which is considered auspicious to buy the precious metal.
Source : The Hindu
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