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Scrap gold sales jumping in India as price advances to record

Posted on 05 September 2013

Sales of scrap gold in India are surging as the plunge in the nation’s currency drives bullion prices to a record, easing a supply crunch caused by curbs on imports by the world’s largest consumer.
Supplies of recycled bullion, mostly coins and bars, have climbed to 100 kilograms to 150 kilograms a day in Mumbai, the country’s biggest gold market, from 5 kilograms to 10 kilograms a week earlier, said Prithviraj Kothari, managing director of Riddhisiddhi Bullions Ltd. Investors, who bought the metal at lower prices, are leading the rush to sell, said S. Venkatesh Babu, president of the Jewellers’ Association of Bengaluru………………………………………..Full Article: Source


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