Reuters reports: MMTC Ltd., India’s largest bullion trader, expects to import 140 tonnes of gold in 2008-09. Chairman and Managing Director, Sanjiv Batra, said the firm imported 122 tonnes of gold in 2007-08.

State-run MMTC Limited is India’s Premier bullion trader, handling more than 100 tonnes of gold & 500 tonnes of silver per annum.

With gold prices now back at $850 per ounce, India’s gold demand has increased ahead of the Akshaya Tritiya festival next week, according to dealers.