India may import 500-550 tonnes of gold in 2010, up from 480-490 tonnes from a year earlier, and prices of the yellow metal are expected to remain firm, the head of a trade body said.
"India may import 500-550 tonnes of gold in 2010 (CY)," said Anjani Sinha, head of the Indian Bullion Market Association (IBMA), which represents about 10,000 jewellers across India. "Gold prices may remain firm considering the continued economic uncertainty," Sinha said.
Gold futures on the Multi Commodity Exchange struck an all-time high of 19,198 ($411.97) rupees per 10 grams on June 8, when investors sought refuge in the safe haven metal, from the euro zone debt crisis. The contract was trading at 18,453 rupees at 5:02 p.m.
The spot exchange also plans to start the spot electronic trade (e-series) in copper and nickel from August, said Sinha, who is also the managing director of National Spot Exchange.
(Reporting by Sourav Mishra & Meenakshi Sharma; editing by Sunil Nair)
