India's July gold imports 14-15 T - trade body.

India's gold imports in July were seen at around 14 tonnes to 15 tonnes provisionally, down from 28.4 tonnes imported last year, showing a fall for the fourth consecutive month, the head of Bombay Bullion Association Suresh Hundia said on Wednesday.

"It is all because of the prices," Hundia told Reuters, referring to the firm levels gold has held on for the greater part of the month in the local market.

In the international market gold prices went into a gradual decline in July after hitting highs in the previous month as buyers weighed its investment appeal amid a sputtering global economic recovery.

Though prices were softer in July from the month ago, Indians were still not used to the levels, Hundia said.

The annual monsoon that sees fewer celebrations such as weddings, also dented demand.

On Wednesday, gold rose above $1,160 an ounce recovering from the previous day's dip to three month lows with a sudden surge in Indian buying.

Hundia said the next month was likely to be better for gold as the annual festival season will begin.

Source : in.reuters.com