MUMBAI (Reuters) - India gold traders turned their backs on the market on Friday and refrained from taking fresh positions as prices touched a new record high, while flow of scrap increased, dealers and traders said. "Nothing is selling... we are witnessing increasing arrival of scrap since yesterday, almost tripled from normal levels," said Daman Prakash Rathod, director with MNC Bullion. Gold futures on the multi Commodity Exchange was trading 1.50 percent higher at 18,300 rupees per 10 grams, after touching a record high of 18,339 rupees earlier. "Buying could come in only if prices fall to 17,000 rupees or thereabouts," said a dealer with a state-run bank. The Akshaya Tritiya festival, which falls on May 16, is one of the two most auspicious days of the year to buy the yellow metal in the world's largest gold market, as Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras in November. (For more business news on Reuters Money visit www.reutersmoney.in)

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