>> Friday, January 30, 2009
Gold prices reached its all-time high on Friday deterring buyers from fresh purchases in the midst of a wedding season, and consumers cashed in on the price rise by selling scrap gold, traders said.
"There is no demand, but there is scrap coming in," said Prithviraj Kothari, director with Riddhisiddhi Bullions in Mumbai.
Gold futures on the continuation chart on the Multi Commodity Exchange touched a high of 14,407 rupees per 10 grams at 2:14 p.m.
The price gap between the local gold and bank gold widened due to lack of demand and profit taking by investors.
Traders said consumers took advantage of near-record prices by selling scrap gold, thereby limiting demand for new bars.
Buyers are awaiting a fall to purchase gold bars, said Kishore Zaveri, director, Zaveri and Co. in Ahmedabad, a retail gold jeweller. - ET