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Gold imports by India may decline 30pct on prices, Group says

Posted on 25 October 2011

Gold imports by India, the world’s largest bullion consumer, may decline by as much as 30 percent this month as higher prices weaken demand during the main Hindu festival of Diwali, according to an industry group.

Imports may be 70 metric tons to 80 tons compared with 100 tons a year earlier, Prithiviraj Kothari, president of the Bombay Bullion Association, said by phone. Purchases on the auspicious gold-buying day of Dhanteras today have been slow as prices are almost 40 percent higher than last Diwali, he said………………………………………Full Article: Source


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