India May Gold Imports To reach 15 tons Vs 29 Tons Yr Ago-Exec

India's gold imports in May will fall by nearly 50% on
year to around 15 metric tons, as high prices have squeezed local demand, a top
industry official said.
Suresh Hundia, president of the Bombay Bullion Association, told Dow Jones
Newswires the rise of the equity markets have also hit investment demand in
gold.
Gold imports between January and March were only about 10 tons, but shot up in
April to 29 tons because of a dip in prices and demand due to the Hindu festival
of Akshaya Trithya.
"The import demand in May has not improved, though local demand was good in
April," he said.