MUMBAI, Feb 20 (Reuters) - No gold has been imported into India so far in February because prices are at record highs in rupee terms, the head of Bombay Bullion Association (BBA) said on Friday.
"Nothing," said Suresh Hundia, president of the BBA when asked if there had been any imports this month. "It will stay like this with prices so high."
Gold has hit a series of record highs in rupee terms this week. On Friday, it peaked at 15,780 rupees ($317) per 10 grams MAUc1 on the Multi Commodity Exchange of India Ltd (MCX), and spot market prices quoted even higher.
In international markets, gold <XAU=> jumped to an 11-month high above $990 an ounce on Friday as investors bought it as a safe haven from risk.
The price rise has been exacerbated in India, the world's biggest consumer of gold, by the rupee's 2 percent fall against the dollar this week.
In January, imports were at 1.9 tonnes, down from 18 tonnes imported in January 2008, data from the BBA shows.
Hundia said sales of gold from holders of small amounts looking to cash in on the record prices was meeting the little demand in the local market, which is largely driven by the wedding season.
"Come here and see -- there are queues of sellers," said Hundia, who has an office in Mumbai's bustling gold hub, Zaveri Bazaar. "People have to be given token numbers to wait for their turn to sell." ($1=49.72) (Reporting by Ruchira Singh; Editing by John Mair)
Source : REUTERS INDIA