Gold reigns supreme, old gold floods market

January 31, 2009

Commodity Online
MUMBAI: This week belonged to gold. First, it set new records in spot prices at Rs 14,280 per 10 gm in Mumbai. Then, the market saw a huge number of people selling their old jewellery to cash in on the new found love for gold. Again, the mad gold rush ensured that platinum sales shoot up. The reason is that the rising gold prices and the slumping platinum prices have ensured that platinum rates are almost same as of the yellow metal.

Price of yellow metal broke all previous records on Friday to hit Rs 14,280 per 10 gm in Mumbai. International spot gold too jumped to $926 per ounce.

This all happened a day when a leading newspaper in India reported that gold adulteration is rampant in the country. The report said goldsmiths are adulterating gold with up to 6% iridium, which is very difficult to detect.

Again, the soaring prices have hit India’s import of gold, which was hardly one tonne in January this year.

As a result, second hand gold is coming to the market in a big way with jewellery owners happily making maximum use of the high prices of gold.

With gold turning out to be so expensive for consumers, platinum that is 10 times rarer, seems even more attractive.

Indians are one of the largest consumers of gold, importing nearly 800 tonnes of the metal in a year.

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