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India’s 2011 gold imports projected to exceed 1000 tonnes

Hindustan Times link

Notwithstanding skyrocketing gold prices, its imports are likely to cross the 1,000-tonne mark this year on robust investment demand, say analysts. Since the US sovereign debt downgrade and the new threats emanating from euro zone economies, gold has rallied a whopping 14% this month
alone, as investors shunned stocks and flocked to the yellow metal as a safe haven.

In the domestic market, gold scaled a new high of over Rs 28,150 per 10 gm in futures market, while in global markets it hit a record $1,877 an ounce last Friday.

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