Commodity Online MUMBAI: Scarp gold entry in the global market has increased significantly, mainly from Africa, where the spot prices remain higher. Consumers indulged in encashing the yellow metal due to heavy spot market prices.
The physical gold supply has capped recent price gains.
Gold was trading at about $915/oz yesterday, well below its short-lived peak of more than $1000/oz two weeks ago. But in rands/kilogram, it is still trading close to its high of over R321000/kg on the weaker rand/dollar exchange rate.
When gold last touched $1030/oz a year ago, the rand price was only R261000/kg.
