Mumbai:India’s gold imports in June were likely around 8 to 10 tonnes, down from 24 tonnes the same month a year ago, a senior official from Bombay Bullion Association (BBA) said on Tuesday.
“More than buyers, there are sellers,” Suresh Hundia, president of the BBA said, referring to high prices that have hurt demand.
Spot gold was at $942.60 per ounce at 0553 GMT, up 0.6% from New York’s notional close of $937.05 and not far off the two-week high of $948.20 reached last week.
The June data is provisional, Hundia added.
In the first six months of this year, India’s imports stood at approximately 59.8 tonnes, down 57% from 139 tonnes a year earlier, data from the BBA showed.
Hundia said it was unlikely that the festival season beginning in October could make up for the poor sales in the first half of the year.
India is the world’s biggest consumer but demand has been badly hit with gold rising on its safe haven appeal amid economic uncertainty overseas.
India’s imports in 2008 were at 395.8 tonnes against 759 tonnes in 2007, BBA data showed.