Gold scrap sales probably fell to 350 tonnes
Sunday, 2 August 2009
ANKARA, AUGUST 1 (Bloomberg): Gold sales in the form of old jewelry and other used pieces of metal probably dropped to about 350 metric tonnes in the second quarter as some owners declined to sell at lower prices, GFMS Ltd. said.
Total scrap sales fell "over 40 per cent" from the first quarter as disposals in Turkey "dried up," GFMS said today in an e-mailed statement. Bullion prices in the country declined 4 per cent in the second quarter from the prior three months, said Philip Newman, an analyst at the London-based metals researcher.
Scrap sales were a record 1,218 tons last year as the world recession spurred some owners to raise cash and others took advantage of higher prices, GFMS said in April.
Gold for immediate delivery rose to an 11-month high of $1,006.29 an ounce in February as investors sought a haven against stock-market losses.
Total scrap sales fell "over 40 per cent" from the first quarter as disposals in Turkey "dried up," GFMS said today in an e-mailed statement. Bullion prices in the country declined 4 per cent in the second quarter from the prior three months, said Philip Newman, an analyst at the London-based metals researcher.
Scrap sales were a record 1,218 tons last year as the world recession spurred some owners to raise cash and others took advantage of higher prices, GFMS said in April.
Gold for immediate delivery rose to an 11-month high of $1,006.29 an ounce in February as investors sought a haven against stock-market losses.