India Jan Gold Imports Plunge On Record High Prices

Gold imports in India, the world's largest consumer, continued their fall in January, plunging to 1-2 metric tons compared with 18 tons a year ago, a senior Bombay Bullion Association official said Monday. Imports of the metal had plummeted in December too, to 3 tons versus 16 tons in December 2007.

"Sales have been poor as prices continue to rise to record levels," said Suresh Hundia, president of the association.

In the Mumbai market, the largest bullion market in the country and a benchmark for prices in other local markets, standard gold rose to an all-time high of INR14,230 per 10 grams Saturday. MORE...