India's gold imports slip as price nears US$1,000
- Publishing Date
- 01 Jun 2009 9:43am GMT
- Author
- Mining Journal
India's gold imports so far in May have been in the range of 10-15t, lower than 29t imported in all of May of 2008 as high prices have subdued buyers' appetites, a trade body head said.
"Prices went up this month, so imports have fallen," said Suresh Hundia, president of the Bombay Bullion Association.
"If prices go any higher, imports will stop and scrap selling will start."
However, gold rallied 2% to a high of $978.30/oz, its strongest level since February 24, as the dollar tumbled to a fresh five-month low against a basket of currencies and oil rose above US$66 a barrel.
Spot gold was bid at US$976.50/oz in midday trade in London, against US$958.80/oz late in New York on Thursday.
"Prices went up this month, so imports have fallen," said Suresh Hundia, president of the Bombay Bullion Association.
"If prices go any higher, imports will stop and scrap selling will start."
However, gold rallied 2% to a high of $978.30/oz, its strongest level since February 24, as the dollar tumbled to a fresh five-month low against a basket of currencies and oil rose above US$66 a barrel.
Spot gold was bid at US$976.50/oz in midday trade in London, against US$958.80/oz late in New York on Thursday.
ALSO IN THE ARCHIVE...
More News By Subject
Site Search
Log inLatest Issue:
MJ 03/02/12
-
Features
-
Editor's Comment
PROFESSIONAL PLACEMENTS
Geologists- Senior and Junior Positions
Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.
Mining and Metals Opportunities - Hatch
Mining and Metals Opportunities in London and Globally: Senior and junior roles.
Minerals Geoscientist Vacancy - Neftex
Do you want to help develop the world’s most detailed commercially-available 4D Earth Model to support the mining majors?
Opportunities for Senior & Principal Level Consultants - SRK
Professionals needed for central Moscow office.
Senior Hydrogeologist - Schlumberger
We need you in Australia or Canada
Mining Journal is looking to employ a full-time member of staff in British Columbia
SEARCH FOR NEWS BY COMPANY
Recently Created or Updated Company News Portals
READ IN-DEPTH REPORTS
SPECIAL FEATURES
Comments