The decline is mainly due to the record high prices that dampened consumer demand, Bombay Bullion Association director Suresh Hundia said, adding volume of shipment also declined in October as the festival demand is no longer there.
The demand for the precious metal declined as the prices hovered between Rs 14,500 to Rs 15,000 per 10 grams level in the domestic markets, Bombay Bullion Association president Suresh Hundia told PTI from Mumbai. Multi Commodity Exchange October gold was ruling at Rs 14,865 per 10 grams on Monday, while in global markets it was at $935.8 an ounce (28.34 grams).
Gold import stood at 18 tonnes in May, according to the data provided by the Bombay Bullion Association. Gold prices ruled over Rs 14,600 per 10 grams level in both spot and futures markets last week. In the international markets gold prices were at 938.55 an ounce (28.34 grams).
Demand for investment instruments is expected to be more than jewellery.
Twenty years after the 1993 blasts, Maximum City is still struggling with its security cover, says Ranjita Ganesan
With gold prices touching their all-time high on Wednesday, jewellery majors were taking measures to attract more consumers. These included more category launches, lower-weight jewellery and store expansion, among others.
The demand is rising as price fall.
Gold prices breached the crucial Rs 25,000-level for the first time ever in history, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe investment haven.
Earlier expectations of gold imports touching 1,000 tonnes in 2011 have been belied, with a steep fall in imports in recent months.
Bombay Bullion Association to develop a software for the same.
The gold prices may rebound to Rs 13,000-level in the domestic markets by June if rupee remains resilient against the US currency, experts believe. Dollar denominated gold gets cheaper when the rupee rises against the greenback.
Anil Ambani group firm Reliance Money on Monday joined hands with the Bombay Stock Exchange and the Bombay Bullion Association to launch the country's first organised bullion trading platform.The over-the-counter 'Bullion Spot Market' would be the first of its kind and would be operationalised within a month, the Anil Dhirubhai Ambani Group announced.
Gold jewellers in Mumbai lost Rs 1,200 crore (Rs 12 billion) of business during the terrorist bloodbath that engulfed the metropolis from Wednesday to Saturday, a top industry official said.
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
In February, there was no gold import at all, while it stood at 21 tonnes in March 2008 and at 23 tonnes in February last year. Gold on Tuesday declined by Rs 50 to Rs 15,200 per 10 gram level in the spot markets from its previous day's close.
During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
Gold demand in Mumbai has declined by 50 per cent during the last three days to approximately 500 kg compared with one tonne during the normal season.
The demand for gold demand is expected to pick up after August with its price expected to touch the Rs 13,500 per 10 grams mark, a top industry official said.
Gold imports into India, the world's largest consumer, remained almost stagnant for the second straight week as high prices hit demand and brought domestic sellers to the market, traders said.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
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Currently, there is no standard method for arriving at the value of gold accepted as collateral and valuation is arbitrary and opaque.
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