Tara Gold Resources (fka TRGD)

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http://www.gold.org/news/2009/10/14/story/13174/indian_bank_aiming_to_keep_gold_imports_steady

Indian bank aiming to keep gold imports steady

Wednesday, 14th October 2009

A state-run Indian bank has revealed that it hopes to keep its total gold imports steady for the current financial year.

Speaking to Reuters, general manager of Union Bank of India's international banking division S Rajendren said the establishment is looking to maintain the figure of 40 tonnes of gold imports recorded for 2008.

He went on to predict that the next three months will be a busy time for gold sales and will result in total Indian gold imports standing at 600 tonnes for the year.

"If prices moderate then there could be more festival sales," Mr Rajendren commented.

India is currently in the middle of the festival season, which is key to driving gold sales for jewellers and gold coin sellers and includes major events such as Diwali.

Gold gifts are a major tradition for Hindu festivals and weddings, many of which take place during the second half of the year.