NEW DELHI (Commodity Online): Gold price is booming across the world. So, what will be the gold consumption by India, the largest importer and consumer of the yellow metal in the the world. Indian are set to consume--buy--around 800 tonnes of gold in the year 2009.

Bullion traders have said that despite the global slowdown, weaker dollar value and reduced physical offtake, total consumption of gold in India may remain static to around 800-850 tonnes for the calendar year 2009, from 900 tonnes last year, thanks to sustained rural buying a nd retail investment demand.

Traders expect total imports of gold to remain around 475-500 tonnes during the year. In 2008, the country imported total 712.6 tonnes of gold, according to World Gold Council (WGC). Of which, 500 tonnes of gold was for Jewellery making and 211 tonnes fo r investment purposes.

In 2009, the country may import less gold but the consumption for gold jewellery and investment purposes would remain steady, Agri-commodity Consultant, Dhimant Bhatt said. “I believe total imports would reach to round 500 tonnes this calendar year thoug h higher prices have gone up to record levels recently. Standard gold prices in the domestic market hovered around Rs 16,800 per 10 gram, an all time high level,” Bullion Analyst, Bhargav Vaidya said.

Gold prices may see some correction in the short run as rural demand for physical gold is likely to weaken due to overall slowdown and erratic monsoon but overall bullish trend to continue next year, Bhatt said.