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As prices rise, the discount on ASIA GOLD in India increases.

As prices rise, the discount on ASIA GOLD in India increases.

The gold demand in India was subdued during this week as the near-record high prices discouraged buyers and caused dealers to offer larger discounts to attract them. Meanwhile, rates were also elevated across other major Asian hubs.

Indian dealers are offering a discount The discount is now up to $10 per ounce compared to official domestic prices, including 6% import duties and 3% sales taxes.

Jewellery stores across the country have seen a decrease in customers. The people aren't quite ready to purchase yet... The people are waiting for prices to drop, said a jeweller in Kolkata.

The domestic gold price was around 97.500 rupees per gram on Friday, after reaching an all-time high of 101.078 rupees in the previous month.

A Mumbai-based dealer for a private bank said that gold discounts may have increased due to a weakening demand. However, supplies are limited as a result of the sharp drop in imports.

India's gold exports fell by 40% in June compared to a year earlier, reaching 21 tons. This was their lowest level for more than two-years, due to a sluggish market.

Dealers in China, the top gold consumer in the world, have quoted discounts of up to $10 per ounce on spot prices, down from premiums of between $10 and $25 last week.

Due to the summer holidays, I do not see much interest in physical purchases at this time. Peter Fung of Wing Fung Precious Metals, the head of trading, said that you might see a demand increase in October.

In Hong Kong, gold Dealers in Singapore sold the product at a premium of $1-$2 Gold sold at a parity with global benchmarks, up to a $2.20 premium.

In Japan, bullion The price of the stock fluctuated between $0.50 and $1. Reporting by Brijesh and Anushree Patel in Bengaluru; Rajendra Jadhav, Mumbai; editing by Eileen Soreng

(source: Reuters)