Indians sell record amount of old gold as prices hit 7-year-high

Consumers sold 37.9 tonnes of the yellow metal in June quarter, says World Gold Council

Consumers in India are selling old gold to benefit from high prices. The same is reflected in the data for the June quarter that the World Gold Council released on Thursday, in Gold Demand Trends.

The report stated consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.

Gold jewellery sold and repurchased, or remaking gold, is not calculated as part of old gold sale. 

In June, the gold price crossed $1,400 an ounce in global markets, which was a six-year