High prices hit india's gold market
New Delhi February 27:
India might be the biggest importer of gold, but it has not shipped in the precious metal in February as demand has slumped due to record high prices.
"There was no gold import during February in the absence of any demand due to high prices. Moreover, there is no fresh buying in the market as people are selling old jewellery to book profit," Bombay Bullion Association Director Suresh Hundia told.
Gold prices ruled at Rs 15,365 per 10 gm in the Delhi spot market. Imports stood at 23 tonnes in February 2008. Buying from the overseas market stood at 1.8 tonnes in January this year.