Premier eFinance: India’s state-owned MMTC to import 350 tons of gold and 1200 tons of silver.

India’s Minerals and Metals Trading Corporation (MMTC) has announced that it is to import 350 tons of gold and 1,200 tons of silver in 2011-12 as demand rises.
By: Tsuen Wan International
July 8, 2011 - PRLog -- "We plan to import 350 tons of gold and 1,200 tons of silver in the 2011-12 fiscal as the domestic demand for these metals is fast rising," MMTC Marketing Director Ved Prakash told Premier eFinance.

India is one of the biggest importers and consumers of gold and silver in the world. As the domestic production of these precious metals is over shadowed by their rapidly increasing consumption, India has been importing hundreds of tons of gold and silver every year.

Prakash added that the import of gold by MMTC in the current fiscal year is likely to increase by over 40% with the yellow metal fast emerging as a safer investment option.

"We are stepping up import of Gold this fiscal due to rising demand for the noble metal. Also, its value as a safe option, in the current volatile market, is rising,” Prakash told Premier eFinance.

MMTC almost doubled its import of gold to 45 tonnes during the April-June quarter this year compared to the same period last year, the director said. He pointed out that besides gold, the demand for Silver is also soaring as it gives better returns.

Silver prices have been touching new peak in India thanks to robust demand amid short supply in the global market.

India buys over 4,000 tons of silver and more than 960 tons of gold annually.

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