Indians Selling Old Gold As Prices Fall From Record Highs

Fearing further price drops, Indian households sold nearly 50 tonnes of old gold in the April-June quarter, a 43% jump, to lock in gains. With MCX gold trading around Rs 1.44 lakh per 10 grams, below its peak, the recycling industry is booming. This trend may help reduce India's reliance on costly gold imports, as recycled gold could rise to 250 tonnes this year.