Commodity Online

CHENNAI: The soaring gold prices have a huge impact on imports of the yellow metal.

According to A World Gold Council (WGC) report showed that gold imports by India declined 72 per cent to around 24 tonnes in January this year following a 67 per cent decline in the quarter ending December 2007. India imported just 10.2 tonnes of gold in February.

With prices showing no signs of cooling, March is not expected to be any better.

Jewellery shop owners and market watchers said even the marriage season, which generally boosts buying as parents prefer to give gold to brides for financial security, has failed to lift purchases as buyers are not comfortable with heightened price volatility.

Indian spot gold prices hit Rs 13,495 per 10 gram in Mumbai on Monday. The international spot gold also increased by 3 per cent, touching $1,030.

India Gold