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Indian Gold Buying Plummets
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by bullionadvisordotcom | April 27, 2009 at 04:18 pm
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Update 1: Gold exports ooze from India, world's biggest buyer
MUMBAI (Reuters) - India, normally the world's top gold importer, may have turned net exporter in the last few months as Indians melt down their jewelry to catch high prices.
India imported no gold at all in February for the first time, and traders say it probably won't again in March.
In fact, gold now appears to be seeping out of India in the form of gold coins, which allow big traders to skirt restrictions on exports, a trend that underscores the resistance to spot gold prices challenging last year's all-time $1,030.80 high.
A massive drop off in Gold imports for the Indian market has been widely ignored by mainstream financial reporting sources. According to the latest data available from the Bombay Bullion Association as reported by Reuters, India gold imports were off by 80% from 2007 levels, and over 50% year over year, this month, a month traditionally seen as a strong buying season ahead of the Indian holidays and wedding season.
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Most RecentMost Recommended Comments (1)
at 16:52 on June 12th, 2009
Doesn't anybody think that this might have something to do with world economy and the need for Indian Jewelry?
Isn't there a way of comparing the two? I don't know, I'm neither an economist or banker, but this just makes sense to me.
Rika
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