Gold too hot for Indian buyers

Gold imports by India, the world’s biggest market for the precious metal, could drop for a third straight year in 2010 as record high prices scare off traditional buyers.

The press release is quoted as saying:

On Friday the metal was heading for its fourth consecutive weekly rise, matching a run that ended in late November. Gold stood at $1,234.40 an ounce by 0636 GMT, up $2.57 from New York’s Thursday notional close, but off Wednesday’s record of $1,248.15.

Click here to access the entire press release