7/12/2011 09:34:00 PM
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India Import Gold & Silver
Imports of Gold and Silver by India are soaring thanks to an unabated demand for the bullion commodities. While India’s import of gold has risen were up by 76% and 160% in April and May respectively, silver import was up by 22% in the same period compared to last year.
India is the largest consumer and importer of gold and silver in the world.
Last week, India’s state-owned trading company—Minerals and Metals Trading Corporation (MMTC)—said that it would import 350 tons of Gold and 1,200 tons of Silver in 2011-12 as demand for the precious metals is rising fast.
The company almost doubled its import of gold at 45 tonnes during the April-June quarter this year compared to the same period last year, he added. He said besides gold, the demand for Silver is rising 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. Majority of silver in India is used in the production of ornamental items like jewellery, utensils and gift articles. Every year, India buys more than 4,000 tonnes of silver and over 960 tonnes of gold.
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