Local gold imports dropped dramatically from 150 tonnes in the first three months to just one tonne in April. Chinese Gold & Silver Exchange Society president Raymond Chan Fat-chu attributed the decline to the sharp rise in gold prices during April. In January, gold prices dropped to an 18-year low of US$277 an ounce, leading, he said, to a rise in retail demand for physical gold. 'Gold imports rose 20 per cent in the first quarter compared to last year,' Mr Chan said. 'However, the gold price rose to nearly $300 in April which reduced demand for jewellery gold, so imports went down.' Mr Chan forecast imports for the full year to be less than last year's record 438 tonnes if prices remain at present levels. Imports would bounce back if the price fell to $250 an ounce. He said the Asian downturn had hit regional demand for physical gold, with imports in Southeast Asia down 26 per cent in the first four months compared with last year. Mr Chan yesterday hosted the launch of the Chinese edition of Gold 1998, the annual survey of the global gold market compiled by Gold Fields Mineral Services, a London-based research company that specialises in gold and silver. The survey has been published for 31 years, but this is the first time it has been launched in Hong Kong.