July gold imports drop 56 per cent on year
Gold imports in July fell nearly 56 per cent from a year ago as higher prices led to a drop in retail sales, a top industry official said on Monday.
The country, the biggest consumer of the yellow metal, imported about 30 tonnes of gold, Harmesh Arora, vice president of the Bombay Bullion Association, said. India imported 68 tonnes of gold in July last year.
"If prices come down to about Rs 11,000 (per 10 grams), we may do better than last August," Arora said. Country's gold imports touched 79 tonnes in August 2007, the highest of the year.
Demand for gold picked up last week after prices fell below Rs 12,000 ($285) per 10 grams, spurring retail interest that usually does not pick up until mid-August.
Imports in July were about 25 per cent higher than the 24 tonnes bought in June.
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08-11-2008, 04:31 PM
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