- 10:17 PM Where do economists' see Q2 GDP headed?
- 10:04 PM Revealed: Exposure of Indian realty cos to Dubai m...
- 09:59 PM Dubai debt crisis just a trigger, 4500 Nifty key: ...
- 09:16 PM Dubai crisis confirms undue leverage fears: Roubin...
- 08:26 PM Patni promoters to set up a VC fund: Sources
- 08:21 PM November 28-30: Events to watch out for
- 07:27 PM Barclays Bk, Calyon Bk move Bombay HC against Wock...
- 07:17 PM Nirmal Bang's after market report
- 07:13 PM Prestige Group to file DRHP soon: Sources
- 07:11 PM Karnataka govt approves Mittal's Rs 30K cr steel p...


MUMBAI, Nov 4 (Reuters) - India gold powering to record highs spurred more scrap sales on Wednesday as consumers cashed in on the price jump, but physical offtake remained weak, dealers said.
"Currently I have around 15-20 people lined outside my shop, and we expect around 40-50 more by this evening," Jitendra Kantilal, partner, Jugraj Kantilal & Co., a Zaveri Bazzar-based scrap dealer said.
Kantilal offered to buy scrap gold at 16,650 rupees per 10 grams.
Gold futures on the Multi Commodity Exchange was 0.02 percent higher at 16,622 rupees per 10 grams at 2:29 p.m., after hitting a record of 16,664 rupees earlier tracing overseas markets.
International gold, which guides the domestic markets, ran to a record high above $1,090 per ounce, latching on to a weaker dollar with continued support from the IMF's sale of gold to India's central bank.
However, dealers said, wholesale buyers turned their back on the market, unwilling to get stuck with high-priced stocks ahead of the wedding session.
"I haven't booked any deals since yesterday's late night surge. I have advanced orders in the range of below $1,050 (an ounce)," said a dealer with a bullion dealing state-run bank.
India's wedding season would last till December-end.
Imports by traders between January and Oct. 22 were 157.9 tonnes, down from 383 tonnes bought in the same period a year ago, data from the Bombay Bullion Association showed.
For a graphic on India's monthly gold imports, click: http://graphics.thomsonreuters.com/119/IN_GLDMNTH1109.gif
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
(For more news on Reuters Money visit http://www.reutersmoney.in)
Business
Business News | Economy | Earnings | BSE NSE Notices
General News
Current Affairs | Politics | World News | Sports | Entertainment
Corporate Strategy
Management | Advertising | Marketing | Legal
Personal Finance
Tax | Insurance | Credit Cards | Loans | Property | Retirement | Investment Help | Financial Planning | Fixed Income
Markets
Local Market | Global Market | Market Cues | Analysis | Expert & FII outlook | Brokerage Recomendation
Stocks
Stocks in News | Expert Advice | ADRs & GDRs | IPO
Mutual Funds
News | Advice | MF Analysis | Fund Managers Views
Lifestyle
Travel | Wellness | Technology | Auto| Books
-
Most Read
-
Most Viewed
- 10 Companies that FIIs love
- Dubai crisis: Which Indian companies may be affected
- 10 companies that MF managers love
- Dubai jitters: Will bears overtake investor confidence now?
- Global mkts panic on Dubai's debt rescheduling
- Indian mkts rattled from Dubai default impact

- Mkts singe in Dubai crisis, end down despite smart recovery
- Ganeshaspeaks: Market prediction for Nov 27
- Should you stop picking stocks?
- Ashwani Gujral's top five picks for today's trade

- China`s 50-year bond
Source: ft.com
- Lanco Infra tying up funds for three power projects
Source: Business Line
- RIL units to get 20% of gas needs from D-6
Source: Business Line
- No need to ban cotton export, says Maran
Source: Business Line










