| Date: |
24-03-2010 |
| Subject: |
Gold imports seen 23-28 tonnes |
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NEW DELHI: Gold imports in March are seen between 23 and 28 tonnes, against 4.8 tonnes a year ago, the head of Bombay Bullion Association (BBA) said on Tuesday.
"Imports were higher because banks had cut down their stocks ahead of the budget," Suresh Hundia, president of the BBA told Reuters from Mumbai.
India's budget for 2010/11 was announced on Feb 26.
Hundia said that a hike in import duty on precious metals in the budget had not curtailed the appetite for gold as some amount of pent up demand from 2009 was resurfacing.
The budget raised duty on gold imports to 300 rupees per 10 grams from 200 rupees earlier.
India's gold demand in 2009 fell by 19 percent to 339.8 tonnes as volatile prices and several record highs kept people away from gold.
Source : The Economic Times
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