HYDERABAD, India Aug 24 (Reuters) – Gold imports to India,
the world’s biggest consumer, are likely to fall by as much as
26 percent, or by 200 to 250 tonnes, in 2012 as record high
prices hit the budgets of consumers, said the head of Thomson
Reuters GFMS on Friday.
The south Asian country had imported a record 969 tonnes of
the yellow metal in 2011 but higher import duties and a sliding
rupee this year have helped cut purchases.
Global prices could rise to peak at $1,800 to $1,850 an
ounce by the end of 2012, driven by surplus cash in the market
and a weaker U.S. dollar, Philip Klapwijk, global head of
analytics of the London-based firm, told reporters here on
sidelines of an international gold convention.
International spot gold was trading at $1,666.7 an
ounce at 1226 GMT.
India’s gold imports in the second quarter of 2012 plunged
over 56 percent on the year to 131 tonnes, the World Gold
Council has said.
($1 = 55.5 Indian rupees)
(Reporting by Siddesh Mayenkar; Editing by Jo Winterbottom)
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