World's largest gold consumer, India is also turned out be a good gold recycling market these days as prices of the yellow metal peaks.
India, where selling of gold, even for recycling is very low compared to other parts of the world, is not considered a better place to conduct gold recycling.
However, the business gained pace in India as consumers preferred to cash in on prices. Observers said rise in scrap gold might cut imports this year.
India is one of the largest gold importers of the world. The country is expected to import nearly 900 tons of gold this year Gold’s supply from consumer sources continued to climb in India this year, following global investors.
Total gold supply from secondary sources is expected to increased this year, analysts said.
The country's supply of recycled gold is expected to climb over 60 tons and it will cover more than 30 poercent of total gold demand in the country, they added.
Profit-taking on recycled gold is a better source of income for investors in the West where as in India the trend is yet to pick up.
Global recycle gold market stood $7.5-trillion last year and is witnessing a robust growth due to staggering price escalation this time around
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