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By
Reuters
Published
Nov 30, 2010
Reading time
2 minutes
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India's November gold imports seen up at 34 tonnes on festival buys

By
Reuters
Published
Nov 30, 2010

Nov 29 - India's gold imports in November are seen rising to 34 tonnes, up more than 10 percent on the year, on spending for festivals and investment, but some sellers said record high prices have curbed appetite for the metal.


Gold Indian bangles

"Looking at the way prices have risen, demand for gold can be said to be very good," said Suresh Kumar, managing partner of Visakha Bullion Corp, a wholesaler in Visakhapatnam.

The median of a poll of 10 gold importers, wholesalers, retailers and a trade body showed they expected India, the world's largest market for gold, to import 34 tonnes this month, up from 30.7 tonnes imported last November, when the worst drought in nearly four decades hurt spending capacity.

Nov. 3 saw the Dhanteras festival which is the single biggest gold buying day in India, when Hindus believe buying even a bit of precious metal will bring them lasting prosperity.

The festival of lights, Diwali, when people worship the goddess of wealth Lakshmi, fell two days after, also encouraging people to spend on gold.

Some traders said gold's volatility and rise attracted more investors this month in keeping with the rising trend for investment in precious metals in India.

PRICES FIRM

On the Multi Commodity Exchange of India Ltd (MCX) front month gold struck a record high at 20,569 rupees ($449.9) per 10 grams on Nov. 9, up 23 percent since the beginning of the year.

On Monday, front month gold on MCX traded at 20,332 rupees, just 237 rupees off its all-time high, in step with the bullish overseas markets.

Gold has been firm this year with anaemic economic growth in the United States, the Euro zone debt crisis and political tensions between North and South Korea increasing the safe haven appeal of the asset class.

"The price trend is up, so people are worrying. They are saying let's buy and be safe," said Chanda Venkatesh of Capsgold, a wholesaler in Hyderabad in south India.

FULL 2010 IMPORTS SEEN HIGHER

India's gold imports in January to November, taking the November estimates into account, stand at 310.3 tonnes, 3.4 percent up on the year, according to Bombay Bullion Associatin (BBA) data.

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