RJ Market Watch
Indian Gold Flips to Premium as Appetite Improves in Most Hubs
Physical gold demand picked up pace in major Asian hubs this week, with bullion being sold at a premium for the first time in more than three months in India, while China saw improved appetite for jewellery.
In India, the world’s second-biggest consumer of the metal after China, dealers were charging a premium of up to $1 an ounce over official domestic prices this week, up from last week’s discount of up to $2. The domestic price includes a 10 percent import tax.
“Right now, demand is good. The price correction is giving jewellers an opportunity to replenish inventory at lower levels,” said Mukesh Kothari, director at Mumbai bullion dealer RiddiSiddhi Bullions.
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