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Business News » India News

India shifts to discount; gold buying tapers off elsewhere as prices gain

In India, the world`s second-biggest consumer of the metal after China, gold was being sold at a discount of up to $2 an ounce over official domestic prices this week, compared with a premium of $1 last week. The domestic price includes a 10 percent import tax.

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India shifts to discount; gold buying tapers off elsewhere as prices gain
The Indian rupee was trading around 71.93 after hitting a record low of 72.92 per dollar earlier this week. Image source: Reuters
Written By: Reuters
Updated: Fri, Sep 14, 2018
07:06 pm
Mumbai/Bengaluru, Reuters
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Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.
 
In India, the world`s second-biggest consumer of the metal after China, gold was being sold at a discount of up to $2 an ounce over official domestic prices this week, compared with a premium of $1 last week. The domestic price includes a 10 percent import tax.

"The market lost momentum due to the price rise. Buyers are waiting for prices to fall below $1,200," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

In the Indian market, gold futures were trading around 30,607 rupees per 10 grams on Friday afternoon, up more than 4 percent from their lowest level in seven months hit on Aug. 17. "As the rupee started appreciating in the last few days, jewellers are taking a pause," said a Mumbai-based dealer with a private bank.

The Indian rupee was trading around 71.93 after hitting a record low of 72.92 per dollar earlier this week. Meanwhile, premiums in China have ranged between $3 and $6 an ounce this week, versus last week`s $6-$7, traders said.

"There was some buying when prices fell below $1,200 but now it`s pretty quiet. We don`t see too many people chasing at the current levels," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. 

Benchmark spot gold prices have risen about 4 percent from a 19-month low of $1,159.96 hit on Aug. 16. "There was some physical buying in China on Friday after a slow week and premiums firmed to around $6," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. 

In Hong Kong, premiums were around 70 cents to $1.30 against the global benchmark, as against $0.90 to $1.40 an ounce previously. 

Premiums in Singapore were seen between $0.80 and $1.20, as against a range of $0.70 and $1.50 earlier. "The first two days of the week when prices were relatively unchanged, demand was normal. But after prices stabilised over $1,200, people stopped buying," a Singapore-based dealer with a bank said.

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In Japan, premiums fell to 30 cents from last week`s 50 cents as domestic prices firmed, a Tokyo-based trader said. 

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TAGS:
Indian Rupeegold prices
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