India has been importing a record amount of gold over the last year but the indian central bank is losing it battle against inflation, spurring investors to sell government bonds.
Gold shipments into India (Which is the 3rd largest economy in Asain) have risen to 800 m3 tons from 557 tons in 2009 and breaking through the previous limit high of 769 m3 tons in 2007, according to Rajef Patel, CEP for India and the Middle East at the World Gold Council. Forecast for this year are looking to push in excess of 800 m3 tons once again,, this will take INdia into the position of one of the worlds largest net buyers of gold, fight with China to hold that position.
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