MMTC to hike gold imports by 8% in FY12

MMTC to hike gold imports by 8% in FY12

Mumbai: MMTC is likely to hike shipments of gold in the year to March 2012 by 8% to 265 tonnes as wealthy consumers chase the yellow metal anticipating further price rises, potentially helping world prices, its official told Reuters.

“Consumers are not looking at the prices. If he has the money to buy, he buys... He is more confident of bullish prices now," said Ved Prakash, director at MMTC, India’s second largest importer of gold.

MMTC has imported 90 tonnes so far of the yellow metal in the calendar year, up 38% from a year earlier, the official said. Silver imports rose at a slower pace of 20% to 360 tonnes in the period.

The yellow metal extended its rise on Monday to hit a record high for a seventh consecutive session. Spot gold hit a record high of $1,518.10 an ounce, before easing to $1,517.60.