India Gold Imports sales drop so 80 Tonnes

India, the world's largest gold consumer gold imports fell sharply by 20 per cent to 80 tonnes in the 12 months ending March 2012. The news agency Reuters reported that gold importing company owned by the government of India, State Trading Corporation's (STC) said a reduction in imports following a high local gold prices. High inflation has hit consumer income and 4 percent import duty has increased the price of gold. This situation has triggered a sharp decline in gold imports into India. "Overall slowed down, and the people are very price conscious," said NK Mathur, Chairman of STC. The price of gold on the Multi Commodity Exchange soared to a high of 30,899 rupees in position per 10 grams at the end of last week, which is supported by high international prices and depreciation of rupee against the U.S. dollar. Meanwhile, spot gold prices in Singapore edged up 0.3 percent to U.S. $ 1,673.99 an ounce on Monday morning, August 27, 2012, after posting a 3.4 percent rise last week, which is the highest record in 4.5 months. (art)