25% Increated Gold import in india

India imported around 30 metric tons of gold in April, up 25% on year as dealers hoped a Hindu religious festival would spur consumer demand, a top industry official said Monday. Sales during the Akshaya Trithya festival, marked in the last week of the month, didn't match expectations, however, resulting in unsold stocks, industry officials said Monday. According to World Gold Council data, gold sales declined 8% on year to 45 tons during the festival, considered an auspicious period for purchasing gold and starting new ventures. Domestic gold sales did spike briefly in the first and third weeks of April, when the yellow metal's price dipped, but were mostly lackluster.

The world's largest consumer of gold imported negligible volumes of gold in February and March due to high prices, Bombay Bullion Association President Suresh Hundia told Dow Jones Newswires. Last April, it imported 24 tons.
Spot pure gold in India sold at 14,700 rupees ($296)/10 grams during the festival, compared with 11,800 rupees/10 grams last year.
"We expect imports in May to be the same level as that of April. But it will all depend on prices," said Harmesh Arora, vice president of the trade body. Prices would have to fall to the 14,000 rupees/10 grams level for any improvement in demand to happen, he said. "Demand is still slow currently," he added.
Mr. Hundia said India is likely to have imported 40 tons of silver in April. He didn't provide year-earlier import figures for silver.

Source : http://online.wsj.com/article/SB124142781459382803.html?mod=googlenews_wsj