India imported 17.8 tonnes of gold in May, representing an 11% decline compared to April and a 39% drop from May 2008.
Gold imports to India have been relatively down for the first half of 2009. Between January and May, India has imported only 39.6 tonnes of gold, compared to 115 tonnes of the precious yellow metal in the same period last year.
India did not import any gold during February or March due to lack of demand in the domestic market following higher gold prices. High prices continue to stifle demand in India.
