MUMBAI: India gold traders continued to stock for weddings in anticipation of a further rise in near-record prices, but the flow of scrap sales eased, dealers said on Wednesday. "There is need-based buying... though volume-wise it is quiet low compared to the year-ago period," said Pinakin Vyas, chief manager treasury, IndusInd Bank in Mumbai. "Enquiries have been coming through and buying has been happening," said a dealer with a state-run bullion dealing bank. "There is a little demand even at this level," said the dealer. The most-traded December contract on the Multi Commodity Exchange (MCX) was 0.55 percent higher at 17,627 rupees per 10 grams at 2:57 p.m., after hitting a record high of 17,662 rupees in intra-day trade. "Rupee is also acting in favour," said Vyas. The Indian rupee rose to one-week highs, supported by a weaker dollar overseas and on expectations the government will not impose strong measures to limit capital inflows. A strong rupee makes the dollar-quoted asset cheaper. The ongoing wedding season will last till December-end. Dealers said the flow of scrap gold eased as sellers sought higher prices. "It is not as per our expectations... there is a tendency among people to keep their gold as they expect prices going up," said Kapilkumar Chokshi, partner, Chokshi Arvind Jewellers, which offered to buy scrap at 17,900 rupees.

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