Buyers unimpressed by price dip; India shifts to premium
In India, dealers were charging a premium of up to $1 an ounce over official domestic prices. This compared to a discount of $1 last week as the country celebrated the annual Akshaya Tritiya festival, when buying gold is considered auspicious. However, retail demand in India, the second-biggest gold consumer after China, remained subdued
In the local market, gold futures were trading at around 31,186 rupees per 10 grams, after rising to 31,620 last week, their highest since August 2016. Image source: Reuters