Bullion for immediate delivery was at $888.97 during late morning trade while June was at $889.30 in electronic trading on the New York Mercantile Exchange’s Comex division.

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The dollar recovered some losses against the euro on Thursday after earlier falling to a three-week low against a basket of currencies as speculation the global economic downturn was slowing raised demand for assets seen as riskier.

A recovery in the equity markets also pressured gold, as investors sell the precious metal to buy stocks.

Meanwhile World Gold Council said world’s biggest buyer of gold, India’s bullion sales during the annual Akshaya Tritiya festival declined 8 percent this year to 45 tons.

According to Bombay Bullion Association, country imported 15 to 20 metric tons of gold so far this month, up from near-zero in February and March.

However, Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, was unchanged at 1,104.45 tons for a fifth day Wednesday.

Among other metals for immediate delivery in European trade, silver was fell 1.1 percent to $12.615 an ounce. Platinum added 1.3 percent to $1,111.75 an ounce, and palladium

Source: www.commodityonline.com

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As a result, India exported over 10 tonnes of gold to Dubai, which is the traditional source of India’s imports. India’s the world’s largest importer and consumer of gold.

With February and March seeing India’s gold imports coming down to zero level, April may witness a rise in imports following the yellow metal’s downfall in the global markets.

Gold prices have come down in the past one week in international markets and the demand for the metal is expected to go up in India with the onset of festivals.

India’s gold imports was 20 tonnes in the first quarter of 2009 as compared to 141.2 tonnes in the corresponding quarter last year.

Another factor which will boost the Indian imports of gold is that the banks in the country have hardly any stock of gold to sell now. According to experts, Indian banks have just 6 tonnes of gold with them which is not even enough for two days’ consumption in the country.

India has been witnessing a surge in scrap gold sales following the rise in gold prices in the recent past and old gold was fetching good money for people. Moreover, job losses and other recession related reasons were forcing people to sell old gold.

But, the scrap gold sales have also come down in India now following the slump in prices.

The average old gold arrival in shops during the past few weeks was at 500 kg but tat has climbed down to around 200 kg level now.

Another factor which will boost gold sales in India in the coming months is World Gold Council’s (WGC) increased efforts to lift the sales.

Gold prices were quoted at $877 an ounce in London (Rs 14,170 per 10 gram) on Monday.

Last year, India imported 740 tonnes of gold. The demand of gold will revive in the days to come if the price retains this level at least for one week, said experts.

Standard gold price in Mumbai spot market fell 2.3 per cent on Monday to close at Rs 14,250 per 10 gm despite the metal moved range-bound at $877 in London. The precious metal fell 6 per cent in the domestic and 4 per cent in the international market.

One reason for the slump in gold prices is the revival of equity markets across the globe, following the G20 announcement of stimulus package worth $1.1trillion.

Gold prices in Mumbai market had hit an all-time high on February 20 at Rs 16,040 per 10 gm, up 34 per cent on the year.

Source: www.commodityonline.com

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