High prices decrease Indian gold purchases

Indian gold imports declined in the period between October and December on a yearly basis. Traditionally this period is the busiest for gold buying. The yellow metal's imports dropped 56% in last quarter of 2011 as compared to 2010, according to Reuters report. Indian investors took advantage of record gold prices in September-October and sold a large amount their gold holdings, said Prithviraj Kothari, the Bombay Bullion Association President.