Friday, April 3, 2009

Very bearish: World's largest gold buyer halts imports

India, the world's largest buyer of gold, has stopped importing the precious metal as residents are scrapping jewelry and coins to take advantage of high prices.

Dealers said there were no gold imports in February or March.

Even in January - the middle of the gift-giving wedding season - India imported just 1.8 million tonnes, down nearly 90 percent from a level of 14 tonnes a year earlier, industry data showed.

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