MMTC's Aug gold imports tumble by eighth

Gold buyers in India, the world's biggest consumer, are in "wait-and-watch mode" as the prices remain near record high, pushing imports down by an eighth to 5 tonnes in August so far, a top official at state-run MMTC said on Thursday.

MMTC is the country's second biggest importer of the yellow metal.

"The first four months of the year had been good, but sales slowed in the past three-four weeks. The sudden rise of USD 150 (an ounce) has put everyone on the back foot," Ved Prakash, director, MMTC, told Reuters ahead of a conference in southern state of Kerala on August 19.

Gold prices have gained about 25% so far in the year to hit a record high of Rs 26,575 (USD 582) per 10 grams on Thursday. The prices have more than trebled since 2003 and has been on a gaining streak for eight years in a row.

Weak buying and record prices have prompted MMTC to lower its import estimate for the year to March 2012 to 250 tonnes from 265 tonnes. MMTC has also cut its silver import estimates to 1,200 tonnes from 1,500 tonnes.