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Thursday, 29th April 2004 (5148 views)

People are returning to buying new gold again in India due to a strong rupee and stability in global bullion costs.<BR/><BR/>The world's largest gold consumer has revealed that gold recycling has slowed since the yellow metal has dropped in price.<BR/><BR/>Rajiv Popley, a leading gold trader, told Reuters from Bombay: "There is good demand for imported gold. People are finding the current price level comfortable to buy new gold." <BR/><BR/>Previously when prices were much higher consumers were selling old gold jewellery for new ornaments, but the move has returned to new gold purchases.<BR/><BR/>According to Planet Ark spot gold is currently at $397.50/8.00 and traders claim that old gold demand will increase once it reaches $400 an ounce.<BR/><BR/>Gold trading in Ahmedabad has seen a considerable increase with 1,000kg of gold traded daily, compared to 500kg in January.

 

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