India Q1 Gold imports drop 24% to 200 tons
In India, buying has also been hit by a falling rupee, which makes domestic gold more expensive than its global counterpart, which is priced in dollars.
World's largest gold consumer India's imports of the metal dropped sharply during the first three months of this year.
According to leading gold trade body Bombay Bullion Association, country's gold imports have fallen nearly 24% to 200 tons in the first quarter and probably dropped at the same pace in April.
In India, buying has also been hit by a falling rupee, which makes domestic gold more expensive than its global counterpart, which is priced in dollars.
Indian gold futures hit Rs 27,100 per 10 grams on Monday, their lowest level since December 31, 2011 and about 17% down from their peak of Rs 32,464 struck in November last year.
Internationally, investors have dumped gold and flocked to equity markets in recent weeks as Cyprus plans to sell gold reserves to raise around 400 million euros. That has raised concerns that other indebted euro zone countries could follow suit.
Even escalating tensions on the Korean peninsula have failed to burnish gold's safe-haven appeal.
India raised import duty by 50% to curb imports, which helped push the current account deficit to a record 6.7 % of gross domestic product in the December quarter.
Analysts said ahead of the tax increase in January,India's gold imports surged 23% year-on-year as buyers stocked up. But global and domestic prices have fallen as much as 15% since then, and gold sank to a two-year low on Monday.
Sumber : Google
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