India might be the biggest importer of gold, but it has not shipped in the precious metal in February as demand has slumped on 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 said.
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.
In the futures market also, gold was trading at Rs 15,378 per 10 gm for April contracts.
According to brokerage firm Bonanza Head Commodity Research Tarun Satsangi, the metal had touched its peak for the time being and the price is likely to come down to Rs 13,550 per 10 gm.