India Predicted to Import 5000 Tonnes Silver in 2012, Price to Exceed $60/oz

Silver prices in India are set to surge to $2,033 (Rs 100,000) a kilo (over US$60/ounce) in 2012 given the uncertain global economic situation, according to an official of the Bombay Bullion Association, an apex traders body that deals in gold and silver. The world’s largest importer of silver, India, could well import 5,000 tonnes this year as compared to about 4,800 tonne in 2011, the official pointed out.

“India is one of the largest users of silver and is ranked third in the world after USA and Japan. With average silver imports per annum of around 3,100 tonnes, the country’s imports jumped to 4,800 tonnes in 2011. The previous year, India imported just 2,800 tonnes,” said Jitendra Jain of the Association.

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