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High prices dent India’s June gold imports

It was a case of dear-to-the-heart,but too far out of reach.

Written by Agencies | New Delhi | Published: June 28, 2010 2:59:17 pm

It was a case of dear-to-the-heart,but too far out of reach. India’s gold imports in June are likely to fall,for the third straight month,by 75 percent from 29.9 tonnes a year ago as record prices dented demand in the world’s largest market for the metal,the head of Bombay Bullion Association said on Monday.

It (import) might be 75 percent less than last year. It is because of the high rates,Suresh Hundia,president of the BBA said.

Hundia said the estimate was provisional and actual figures would be released in a few days.

The numbers are so bad,nobody wants to share it this time,he said referring to the importing banks and trading agencies which contribute their data to the trade body.

India’s front month gold futures on the Multi Commodity Exchange of India Ltd (MCX) struck an all-time high of 19,198 rupees per 10 grammes on June 8,marking a 32- percent rise on year.

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