Good news for those who are looking to buy gold in India( and well its good news in the stock market too after the clear mandate of 2009 Loksabha Elections in favour of Congress led UPA).
Here is a news from Reuters about the deline import demand of Gold :
MUMBAI, May 20 (Reuters) - India's gold imports fell by 83 percent in the first quarter as higher prices and 'deteriorating' domestic economic conditions dented consumer demand, the World Gold Council (WGC) said on Wednesday.
"Jewellery demand is unlikely to return to more positive territory in current market conditions," said Aram Shishmanian, CEO of World Gold Council in a statement.
India's gold imports in January-March period stood at 17.7 tonnes. Gold prices in India, the world's top consumer, in the January-March quarter rose by 11 percent, after having struck a record high of 16,040 rupees per 10 grams on Feb. 20, as concerns about global economic recession spurred safe haven purchases.
The gold contract in the continuation chart MAUc1 traded 0.29 percent lower at 14,279 rupees per 10 grams at 2:00 p.m..
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