05 May '11, 12pm

Gold, silver traders scramble for supplies before Akshaya Tritya

Gold, silver traders scramble for supplies before Akshaya Tritya

MUMBAI (Reuters) - Gold and silver traders in India , the world's biggest buyer of bullion, scrambled for supplies as they braced for strong sales for a local festival, pushing premiums higher, bank officials and suppliers said. "People who were left out 50,000 rupees ($1,118.5) are rushing in to buy at 60,000-70,000 looking at 100,000 rupees," said Mayank Khemka, managing director, Khemka Group of Companies, referring to silver. "I am doubtful whether demand will sustain after Akshaya Tritiya." India will celebrate Akshaya Tritya, a gold buying festival, on Friday, followed by the wedding season that will last through May. Premiums on silver jumped to 25-30 cents on an ounce over London prices from a normal of 15 cents, while suppliers charged a premium of $1.8 an ounce on gold. "Premiums are 30-40 cents more than normal at $1.5/1.8 an ounce," said the dealer, adding "the...

Full article: http://sg.news.yahoo.com/india-gold-silver-traders-scramb...

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