Gold imports dip 24% in 2009 to 343 tonnes

Gold imports declined by nearly 24 per cent in 2009 at 343 tonnes, the Bombay Bullion Association said here today, as against 449 tonnes in 2008.

"The country has imported 343 tonnes gold in 2009, as compared to 449 tonnes in 2008," Bombay Bullion Association President Suresh Hundia told PTI.

India has remained the largest gold importer in the past few years, but took a hit in 2009 due to soaring prices, he said.

Commenting on price trend, Hundia said gold may see some correction and may touch Rs 16,400-16,500 per 10 gram in the near future.

The precious metal plunged Rs 245 to Rs 16,785 per 10 gram at the Mumbai bullion market today on emergence of hectic offloading by stockists and speculators.

The sudden bout of selling was attributed to heavy profit-taking fearing a price correction in the overseas markets following China's tightening of its monetary policy yesterday, a trader said.

Pure gold (99.9 purity) fell by a similar margin to end at Rs 16,870 per 10 gram from Rs 17,115 previously.