India's gold trade is desperately hoping a 12.5 percent drop in prices from an alltime high will ring in sales at a gold-buying festival later in April, a small window of opportunity before another dull spell. India has been the world's biggest consumer of gold for years, but imports slumped 48 percent in 2008 to 396 tonnes from 759 the year-ago. Prices have risen by about 46 percent since April 2007. "We are getting orders and also hopeful of getting more," said Ariez Tata, director with Cogent Jewellery, watching as 1,020 degree centigrade boiling gold alloy is poured into a casting machine at his workshop in a Mumbai suburb. "This couple of months is the only chance to revive some sales as after this there will be a slack season of around four months," added Tata. The next gold buying festival is in October. Akshaya Tritiya falls on April 27, when Indians, especially in the south, buy gold for lasting prosperity. "People had suspended their buying when prices moved above 16,000 (rupees), though there is buying, it would revive if prices move to $850 (an ounce) (about 13,000 rupees)," said Nayan Pansare, an analyst who advises the jewellery industry. Gold futures MAUc1 on the Multi Commodity Exchange rose to a record high of 16,040 rupees per 10 grams on Feb. 20 as economic uncertainty fueled safe haven buying.

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