| Date: |
01-05-2010 |
| Subject: |
April gold imports down; first fall this yr |
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NEW DELHI: India's gold imports in April was between 34 and 37 tonnes, down from last year's 49.8 tonnes, recording the year's first monthly fall, the head of Bombay Bullion Association (BBA) said on Friday citing provisional data.
"All of the data has not come so far, but it looks like imports will be between 34-37 tonnes," Suresh Hundia, president of BBA told Reuters.
April figure showed the first monthly decline in 2010.
This was owing to the high base of April in 2009 when more gold imports took place due to the Akshaya Tritiya festival when Hindus consider it auspicious to buy precious metals.
This year Akshaya Tritiya falls on May 16 and demand is expected to intensify in the run up to the festival, traders said.
Imports in January to April were at 126 tonnes, up 74 percent from a year ago, BBA data shows.
Gold demand is bouncing back after poor sales in 2009 when the worst monsoon in 37 years and record-making metal prices hurt gold sales badly.
Source : The Economic Times
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