MMTC to import 150 tonnes gold

State-run MMTC Ltd, the country’s biggest importer of gold, today said it will import 150 tonnes of the yellow metal during the 2009-10 fiscal. “We will import 150 tonnes of gold this fiscal,” MMTC chairman and managing director Sanjiv Batra told reporters here on the sidelines of a function.

During the 2008-09 fiscal, MMTC is estimated to have imported close to 150 tonnes of gold, up by 23.52 per cent from 121.43 tonnes in 2007-08. The maximum buying took place in the August-November period, according to official data. He further said that “India, the world’s largest consumer of gold, will import 600 tonnes of gold during 2009-10 fiscal, compared to 590 tonnes last year.”

Gold import so far has been sluggish with no inbound shipment in February and March owing to no demand in the domestic market following the high gold prices.

“Gold imports in June will be about 10 tonnes as the demand has slowed down following high prices. Unless the prices come down, there will be no improvement in imports,” Bombay Bullion Association Director Suresh Hundia had said recently.

Currently, gold prices are ruling over Rs 14,600 per 10 gm in the domestic market, while in the international markets, gold prices were at 922.10 an ounce (28.34 gm).