India's Q3 gold imports seen falling by a third

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India's gold imports fell by more than a half in the June quarter and could slide by a third in the next three months as prices inflated by a weak rupee and a 4 percent import duty encourage traders to use scrap, a Reuters poll showed.

India was the world's biggest gold buyer last year but imports have weakened in 2012, in line with government expectations, after import duties were hiked in March. Stronger global prices, and a weaker rupee compared to the U.S. dollar, have also increased buyers' costs.
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More: http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=155437&sn=Detail

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