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Thursday, January 01, 2009

Indian gold imports fall 47 pct in 2008 - trade body

Gold imports by India, the world's largest buyer of the metal, fell 47 percent in 2008 to 402 tonnes as high prices and a slowing economy dented demand, a leading trade body said on Thursday.

The Bombay Bullion Association (BBA) said imports in December slumped 81 percent to 3 tonnes from 16 tonnes in the same month a year before, with deadly attacks in the financial hub of Mumbai also affecting demand.

"Imports were down because prices rose. There were not many marriages or festivals either," Suresh Hundia, president of the BBA, said.

In 2007, India had imported 759 tonnes of gold.

Gold prices on the Multi Commodity Exchange (MCX) soared to a record 14,320 rupees ($293.4) per 10 grams on Oct. 10, up 35.1 percent from the close in 2007, before falling to 11,290 by Oct. 24.

Prices again began to rise in November and climbed more than 4 percent in December to 13,690 rupees, ending the year up 29.2 percent, as the dollar weakened against the euro and crude oil rose, enhancing gold's appeal as a hedge against inflation.

On Thursday, the benchmark February gold on the MCX was up 0.3 percent at 13,676 rupees by 1048 GMT.

Hundia said an inauspicious period that started on Dec. 15 and runs the mid-January also dented gold sales, while the attacks by Islamist gunmen in late November kept shoppers away for much of December.

The gunmen had held Mumbai hostage for three days using assault rifles and grenades at two luxury hotels and other landmarks, killing at least 179 people.

($1 = 48.8 rupees)

source: Reuters


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