Largest gold importer India turns exporter

New Delhi, Apr 3 (PTI) The dynamics of gold trade havechanged in these times of economic slowdown. India, thelargest importer of gold in the world, has turned exporter ofthe precious metal especially to its largest importingdestination -- Dubai. According to experts, Indian traders are now sellinggold, mostly in the form of coins, to Dubai after domesticbuyers have begun to shy away from any major purchase asprices of the precious metal are up and even touched anall-time high of Rs 16,040 per 10 gm on February 20. Though gold is costly and demand low, the price will notcome down because it is determined by international factors. The yellow metal witnessed over 15 per cent increase inthree months from Rs 13,000 per 10 gm on December 22, 2008, toRs 15,420 per 10 gm on February 17. Gold exports have been going on for the last three monthsand about six tonnes of gold have been shipped abroad duringFebruary and March, Bombay Bullion Association DirectorSuresh Hundia said. "We started recording the export figures from February.So the data for January are not available," he said, addingthat about 90 per cent of the shipments are to Dubai. (PTI)