Indian Gold Imports Up Provisionally

As of this month, as compared to February of last year, according to a Reuters India report:

India's gold imports in February till date is provisionally at 30-35 tonnes, the head of Bombay Bullion Association (BBA), Suresh Hundia, said on Thursday.

India imported 7.9 tonnes of gold in February 2009, BBA data showed.

This month has seen lower prices than last month, but prices are still considerably higher than they were in February of '09. That figure is further evidence that Indian dealers and buyers are becoming acclimatized to four-digit gold prices.


However, the recent decline has lowered pricing points somewhat according to an Economic Times report:

India gold buying abated on Thursday as traders waited for dips after offtake picked-up late in the previous session, when prices briefly moved below $1,100 an ounce, dealers said.

"People are now waiting for $1,085 (an ounce), yesterday we did good business below $1,100," said a state-run bullion dealing bank dealer....

A weakened rupee helped contribute to the notch-down.