Gold Being Sold In India

Gold Being Sold In India

Gold consumers in India, the world’s biggest importer, are “aggressively” selling the metal after prices surged to a record, an industry group said.

“In some areas consumers are selling more than jewelers,” Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, said today in a phone interview. “They are selling aggressively.”

According to Bloomberg.com “Futures for August-delivery rose 0.6 percent to 30,104 rupees ($540) per 10 grams on the Multi Commodity Exchange of India Ltd. at 3:52 p.m. in Mumbai, near last week’s record 30,156 rupees. Global prices for spot gold traded at $1,619.27 an ounce, down from an all-time high of $1,921.15”.

“Physical buying is not there, because prices are very high,” said Ketan Shroff, a director with Pushpak Bullions Pvt. in Mumbai. “Everybody is selling. Even retail investors, who had invested at lower levels, are sellers right now.”

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