Commodities

MMTC plans to import 50% more silver this fiscal

PTI New Delhi | Updated on April 19, 2011 Published on April 19, 2011

Silver ornaments on display at an exhibition. S. Thanthoni (file photo)   -  The Hindu

State-run MMTC today said it plans to import 50 per cent more silver this fiscal at 1,200 tonnes to encash on the growing appetite for the white metal.

The company also expects gold import to increase to 275 tonnes this year from 245 tonnes last year.

“We plan to import 1,200 tonnes of silver in the 2011-12 fiscal, up from 800 tonnes in a year-ago period,” a senior MMTC official told PTI.

Besides gold, the demand for investment in silver, too, has been rising as a hedge against inflation in the domestic market, the official said.

India, the world’s largest consumer of gold and silver, buys more than 4,000 tonnes of silver and over 960 tonnes of gold annually.

Majority of silver in India is used in the production of ornamental items like jewellery, utensils and gift articles.

Silver prices have been touching new peak in the last three consecutive sessions because of robust demand amid short supply in the global market, experts said.

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Published on April 19, 2011
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