New Delhi: The gold imports so far in February are provisionally at 30-35 tonnes, about four times the level of a year ago as lower prices encourage demand, the head of Bombay Bullion Association (BBA) said on Thursday.
BBA data showed imports of 7.9 million tonnes in Feb. 2009.
“This rise is because the rate has fallen. Possibly also because last year people bought less,” Suresh Hundia told Reuters from Mumbai. He said demand could stay strong if prices held close to current levels or softened.
India, the world’s largest consumer of gold imported less gold in 2009 as volatile and record high prices deterred consumers from buying the metal.
BBA data showed India’s imports were 339.8 tonnes in 2009, down from 420 tonnes in 2008.
On Thursday, gold was at $1,094 an ounce, nearly 11% below a record high of $1,226.1 struck on 3 December.