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To: LoneClone who wrote (38359)	6/10/2009 12:01:55 PM
From: LoneClone	Read Replies (1) \| Respond to of 194001

74% of Indians ready to invest in gold at high prices 2009-06-10 14:15:00 commodityonline.com NEW DELHI: Are gold buyers in India running away from jewellery shops and turning back on investments in gold deposits and coins thanks to the high price of the yellow metal? No, if a survey is to be believed. A survey on the gold buying trends across India during these times of high gold jewellery prices said that people in India are not overly bothered about the high price of gold when it comes to buying gold jewellery items. "Nearly 74 percent of investors in India, the world's largest gold consumer, said they prefer purchasing gold and related products at current price levels," says the bullion survey from india Infoline, one of the leading brokerage houses in the country. Currently, gold prices in India are hovering between Rs 14,700 per ten gram and Rs 15,100 per ten gram. The survey said among those who were willing to buy gold at current prices, the preference for purchasing jewellery was higher as compared to any other form of gold. About 35 percent of investors showed interest to buy jewellery, 27 percent in gold Exchange Traded Funds (ETFs) and 12 percent in coins and bars, it said. Interestingly, around 60 percent of the respondents indicated that their purchase of gold bars and coins was for future conversion into jewellery, the survey added. As global gold prices continue to remain on record highs, the Indian bullion market is caught in falling jewellery sales and plunging imports of the yellow metal. But scrap gold sales in India are picking up thanks to high prices. Analysts said that gold buying will pick once prices fall into the range of Rs 14,000/- per ten grams. Gold imports by India, one of the largest consumers and importers of the yellow metal in the world, for the last five months of 2009 remain around 47 tonnes, far below the imports of the yellow metal that the country used to have in past years. In 2008, India's gold imports had stood at around 400 tonnes. According to figures from the Bombay Bullion Association, gold imports in India have been dropping thanks to high prices of the yellow metal. Global economic meltdown, uncertainty in stocks and commodities markets and volatility in gold prices have had a major impact on India’s gold imports in 2009. In January, gold import by India was a paltry 1.8 tons against 18 tons in January 2008. In February and March, gold imports by India fell to zero levels, the worst in the last one decade.