Selling too takes off

Soaring prices and a sharp drop in festive season demand have soured the appetite for gold in India, the world8217;s largest importer, with many consumers selling their old stocks to get good returns.

8216;8216;High prices have prompted many people to sell old jewellery and coins, bought earlier at much lower prices,8217;8217; traders said.

8216;8216;People are lining up outside my shop to sell gold. On an average, 200-300 people are coming every day,8217;8217; said a jeweller based in Mumbai. Traders estimated 75 to 100 kg of scrap gold were being sold in Mumbai every day, against average sales of about 10 kg.