India Scrap Gold supply doubles during April-June

INDIA August 12 2016 4:41 PM

MUMBAI (Scrap Register): Old Jewellery recycling gold supply in India has doubled in April-June  quarter, which is the highest in four quarters following a sharp jump in bullion prices globally.

As per the World Gold Council data, gold recovery from Indian sources at 23.8 tonnes for the second quarter of the current calendar year, over 100 per cent jump from a mere 14 tonnes from the sequential quarter of January-March.

The sudden used jewellery sales increase indicates that armers and usual consumers took advantage of gold price rise. Globally gold price remained elevated at above $1,350/oz translating thereby over Rs 30,500 per 10 grams in India.

The price increase in 2016 has led to a number of gold producers globally to use this as an opportunity to lock in the price they will receive for their output. The gold price is 25 per cent higher in US dollar terms, but at or above record levels in some other currencies such as the Australian dollar and South African rand.