MMTC to import 150 tonnes of gold in fiscal 2009-10
02 Jul 2009
MMTC Ltd, the state-run foreign trade enterprise will import 150 tonnes of the yellow metal during the 2009-10 fiscal.
MMTC Ltd chairman and managing director, Sanjiv Batra to reporters yesterday that the government undertaking will import 150 tonnes of gold this fiscal.
During the 2008-09 fiscal, MMTC imported around 150 tonnes of gold according to estimates, which was up 23.2 per cent from 121.43 tonnes in 2007-08. The August- November period witnessed the peak buying activity, according to official data.
With no demand in the domestic market due to high prices, import of the yellow metal has been sluggish so far and no inbound shipment arrivals in February and March.
According to Bombay Bullion Association director, Suresh Hundia, gold imports in June would be around 10 tonnes as the demand had slowed down due to high prices.
Currently, gold trades at over Rs14,600 per 10 gm in the domestic market, while in international markets, it is at 22.10 an ounce.