By Thomas Kutty Abraham
Sept. 30 (Bloomberg) -- Gold imports by India, the world’s biggest buyer, probably fell for the fifth month in September as rising prices deterred jewelry buyers, a traders’ group said.
Overseas purchases may total 50 metric tons, compared with 54 tons a year ago, said Harmesh Arora, vice president of the Bombay Bullion Association Ltd., citing preliminary data.
“The overall imports will still be less than last year as prices are still too high,” Arora said.
Gold touched $1,024.28 on Sept. 17, the highest level since reaching a record in March last year, and is heading for a ninth straight annual gain.
Gold for immediate delivery rose 0.5 percent to $997.07 an ounce at 11:59 a.m. in Mumbai and climbed 4.8 percent this month, the most since it rallied 10 percent in May.
India’s gold purchases have fallen every month since April and imports last month were 21.8 tons compared with 98 tons a year earlier, according to the association.
To contact the reporter on this story: Thomas Kutty Abraham in Mumbai at tabraham4@bloomberg.net
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