Indian Gold Imports For March Up From March Of Last Year

As of March 25th, imports were between 28 and 30 tons; that's markedly up from 4.8 tons for March of 2009.

Demand may stay strong, fueled by as many as one million marriages planned for April and May...supporting a 21 percent gain in global prices in the past year. Gold is bought during marriages as part of bridal trousseau or gifted in the form of jewelry by relatives. The wedding season in India runs from November to December and from late March through early May.

“Even a marginal increase in the global price won’t hurt demand as the rupee is gaining” shielding local buyers from variation in prices of gold denominated in dollars, Hundia said.