Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
MUMBAI, Feb 8 (Reuters) - Scrap gold supplies in India, the world's second-biggest consumer of bullion, may increase this quarter as a rally in local gold prices has prompted consumers to sell old trinkets and jewelry.
Rising scrap supplies are likely to cause India's gold imports to continue to fall this year which could weigh on global prices that are trading near their highest since the end of April. Falling bullion imports could help reduce India's trade deficit and support the ailing rupee.
The country's scrap supplies for the quarter ending in March are forecast to rise above 25 tonnes from 14.1 tonnes during the same period a year ago, said Surendra Mehta, secretary at the India Bullion and Jewellers Association (IBJA).
The gold price rally has been encouraging consumers to book profits on long-held supplies as many think current prices may not be sustained, Mehta said.
Gold prices on the Multi Commodity Exchange of India have jumped more than 11 percent in the past six months and were at 33,035 rupees ($464.65) per 10 grams (0.32 troy ounces).
Temples and households in India own more than 24,000 tonnes of gold, which consumers typically buy during weddings and religious festivals such as Diwali and Dussehra.
In Mumbai's Zaveri bazaar, India's biggest bullion market, tiny shops that buy old jewelry were crowded even as high-end jewelry shops were waiting for customers.
"Consumers want to sell before prices correct. There are a few investors who are also selling coins and bars," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji, which buys old jewelry.
Many consumers have been exchanging old jewelry as they cannot afford to make wedding purchases at the current price, Jain said as he rubbed an earring against a stone to test its purity.
The sellers included textile trader Paresh Parmar.
"There was old jewelry that we were hardly using. As right now prices are attractive, I decided to sell it," said Parmar, who sold 40 grams (1.3 ounces) of gold worth of 132,000 rupees ($1,857).
Two-thirds of India's gold demand comes from rural areas, where jewelry is a traditional store of wealth. But farmers' earnings have been squeezed recently due to falling crop prices.
Farmers have limited disposable income to make big-ticket purchases like gold, said Mangesh Devi, a jeweler in the western Indian state of Maharashtra.
Additionally many farmers in Maharashtra are short of cash because of a delay in payments for their sugar cane crop, he said.
India's cane farmers are owed 200 billion rupees ($2.8 billion) by sugar mills.
Falling demand for new gold caused India's imports in 2018 to drop 14 percent from the year before to 756.8 tonnes, the World Gold Council said in an estimate released last week.
The surge in scrap supplies could further limit imports, at least in the current quarter, said a Mumbai-based bank dealer with a bullion importing bank.
"Import requirement has been falling due to the scrap supplies," the dealer said. "Jewelers are cutting purchases from banks. They are getting a decent amount of supplies from scrap."
(Reporting by Rajendra Jadhav; editing by Christian Schmollinger)