MMTC seeks govt's nod to auction off 5 tonnes of gold collected under GMS

8 tonnes of gold already sold, the trading PSU seeks Central government's mandate to auction additional 5 tonnes

After successfully auctioning 8 tonnes of gold in the first phase, India’s state-owned trading behemoth, MMTC has approached the central government seeking the mandate for auctioning an additional 5 tonnes of gold collected under the latter’s Gold Monetisation Scheme (GMS).

“We have almost completed the target of auctioning 8 tonnes of gold collected under GMS and now sought the government’s permission to auction additional 4 to 5 tonnes”, a senior official of the company said.

“The response of the auction conducted at various locations where the gold was stocked was good. Mostly traders and jewellers participated in it. The price fetched