This probably isn't helping either...

This probably isn't helping either
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NEW DELHI (Reuters) - India's gold imports in February crashed to 10 tonnes from 59 tonnes in the same month a year ago due to soaring international prices and could fall further this month, a top industry official said on Tuesday.

"There is barely any demand. In February, the gold imports were just 10 tonnes against 59 tonnes last year," Suresh Hundia, president of the Bombay Bullion Association, told Reuters.

"We think the demand will be even less in March because of the record prices."

International spot gold prices were still above $1,000 an ounce, though most other commodities were tumbling as investors sold assets ranging from oil to coffee to grains to cover deepening losses in stocks and bonds.

Global gold prices have risen more than 20 percent this year alone, hitting successive record highs along the way.

India, which is the world's largest gold consumer, annually imports about 700 to 800 tonnes.

Local gold prices were ruling at about 13,500 rupees ($332.3) per 10 grams, which traders said was slightly above international prices.

Hundia added with international silver prices above those for local scrap silver, Indian trading firms were exporting silver for the first time.

"Scrap silver utensils are being refined and being exported after converting them into bars. About two tonnes silver is being exported almost daily in the past one to two months," he said.

Separately, about 400 tonnes of unsold silver ordered by Indian firms and lying with banks for the past five to six months due to the lower prices for local silver scrap were likely to be re-exported, Hundia said.