Indian gold imports increase in December
Saturday, December 12th, 2009Imports of gold rose significantly in India during December, according to new estimates.
The Bombay Bullion Association (BBA) told Reuters that between 32 and 35 tonnes of the precious metal were imported last month, based on provisional figures.
This is compared with the three tonnes of gold recorded in December 2008.
However, overall gold imports for the full year were down compared with 2008, due in part to the rising price of the metal, said Suresh Hundia, president of the BBA.
Gold imports stood at 28 tonnes in November, a drop of six tonnes compared with the same month in 2008 because of high prices, but were up by two tonnes on October 2009’s total, the Business Standard reports.
Indian gold sales picked up over the recent festival and weddings season compared with 2008 as buyers flocked to purchase gifts and investment products for their loved ones and themselves during the auspicious period.