Mumbai: India gold hitting a fresh record high on Tuesday attracted scrap sales, but domestic demand abated after a slight pick-up late in the previous session, dealers said.
Gold futures on the Multi Commodity Exchange (MCX) was trading at Rs16,950 per 10 grams, up 0.15% at 2:43pm, after hitting a fresh record of Rs17,021 in early trade.
“There are sellers, but it is not a heavy rush. Some people are waiting for further rise to 17,500 (rupees),” said Kapil Kumar Chokshi, Chokshi Arvind Jewellers, which buys scrap.
Chokshi Jewellers offered to buy scrap at Rs17,200.
However, dealers said, the physical offtake abated in the middle of the wedding season, which will last till December.
“Yesterday I did some deals at $1,127-1,130 (an ounce)... but there is nothing since morning,” said a dealer with a state-run bullion dealing bank in Mumbai. “I don’t even have a single advanced orders.”