By Debarati Roy Dec. 24 (Bloomberg) -- Gold imports by India in December may decline from the previous month as demand wanes because of record prices. Imports by the world’s biggest consumer may be as low as 30 metric tons, compared with 32 metric tons in November, according to provisional estimates from the Bombay Bullion Association Ltd., a group of 230 traders. Gold has gained 24 percent this year as U.S. growth slumped during the longest recession since World War II, spurring demand for bullion as an investment haven. The price reached a record $1,227.5 an ounce on Dec. 3. “Demand will remain weak until prices decline,” Suresh Hundia, president of the association, said by telephone today. “Unless prices fall even the marriage season will not be able to bring cheer to the market.” Prices must fall to at least 15,000 rupees per 10 grams from 16,400 rupees, he said. Immediate-delivery bullion gained as much as 1 percent to $1,098.15 an ounce and was at $1,096.66 at 9:56 a.m. in Mumbai. To contact the reporter on this story: Debarati Roy in Mumbai at droy5@bloomberg.net.

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