Scrap sales News
Scrap sales up 30% on profit-taking
The sales of used gold, known as scrap gold in commodity parlance, shot up 25-30 per cent on Wednesday as retail investors rushed to cash in on high prices before a correction, which analysts forecast as imminent.
Normally, jewellery retailers collect 25-30 gm of used gold against the sale of every 100 gm. However, the recovery of scrap intensifies if prices of the precious metal head north.
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