India yet to import gold in February

February 27, 2009

Commodity Online
MUMBAI : India’s leading bullion trade body, Bombay Bullion Association on Friday said India, world's largest market for the metal, has not imported any gold so far in February as high prices dampened domestic demand.

India, which annually buys 500-700 tones of gold, had imported 23 tones in last February.

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Prices in India have hit record highs over the past few weeks, partly reflecting a sharp depreciation in the value of the rupee that has made dollar-priced gold costlier.

India’s currency, the rupee hit an all-time low of 51 per dollar on Friday, taking losses this year to 4.5 percent. The currency had fallen 19.1 percent in 2008.

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