Gold discounts in India remained stable this week due to high prices, while Chinese dealers saw increased premiums in anticipation of stronger demand during the Chinese New Year.
Gold discounts in India remained steady this week as elevated prices kept buyers away, while Chinese dealers charged higher premiums in anticipation of stronger demand ahead of the upcoming Chinese New Year. Indian dealers offered a discount of up to $14 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, unchanged from last week. Local gold prices have been rising more than global prices in the last few days due to the depreciation of the rupee to a record low.
This has been dampening demand, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.Domestic gold prices rose to 77,947 rupees per 10 grams on Friday, after falling to 75,459 rupees last month. Jewellers were not active in the market since investment demand is weak. Many consumers also avoid buying gold during Khar Mass period, said a Mumbai-based dealer with a private bullion importing bank.In China, the world's top gold consumer, dealers quoted premiums of $4.50 to $10 per ounce above spot prices , up from the $2 to $5 range last week. With Chinese New Year coming up, I expect demand to increase, especially for investment purposes, said Peter Fung, head of dealing at Wing Fung Precious Metals. While jewellery sales in the region are slowing according to sales figures reported by leading retailers, physical bullion demand is compensating reflecting good demand for investment over adornment, as per independent analyst Ross Norman. This week, amid the holiday season, we saw more festive buying as clients took advantage of lower gold prices, said Brian Lan, managing director at GoldSilver Central.In Hong Kong, gold was sold at a premium of $0.20-$1.90, while in Japan, bullion was sold from $0.25 discounts to par leve
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