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India gold hitting a fresh record high on Tuesday attracted scrap sales, but domestic demand abated after a slight pick-up late in the previous session, dealers said.
Gold futures on the Multi Commodity Exchange (MCX) was trading at 16,950 rupees per 10 grams, up 0.15 percent at 2:43 p.m., after hitting a fresh record of 17,021 rupees in early trade.
"There are sellers, but it is not a heavy rush. Some people are waiting for further rise to 17,500 (rupees)," said Kapil Kumar Chokshi, Chokshi Arvind Jewellers, which buys scrap.
Chokshi Jewellers offered to buy scrap at 17,200 rupees.
However, dealers said, the physical offtake abated in the middle of the wedding season, which will last till December.
"Yesterday I did some deals at $1,127-1,130 (an ounce)... but there is nothing since morning," said a dealer with a state-run bullion dealing bank in Mumbai. "I don't even have a single advanced orders."
Don't expect the expected from Dibakar Banerjee.
A top Indian policy adviser on Wednesday said the Reserve Bank of India (RBI) sh...
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