BAFL 45.26 Increased By ▲ 0.21 (0.47%)
BIPL 20.08 Decreased By ▼ -0.43 (-2.1%)
BOP 5.42 Decreased By ▼ -0.22 (-3.9%)
CNERGY 4.54 Decreased By ▼ -0.01 (-0.22%)
DFML 15.65 Decreased By ▼ -0.05 (-0.32%)
DGKC 73.20 Increased By ▲ 1.99 (2.79%)
FABL 27.33 Decreased By ▼ -0.07 (-0.26%)
FCCL 17.54 Increased By ▲ 0.39 (2.27%)
FFL 9.05 Increased By ▲ 0.50 (5.85%)
GGL 12.60 Decreased By ▼ -0.07 (-0.55%)
HBL 111.67 Decreased By ▼ -1.03 (-0.91%)
HUBC 122.28 Increased By ▲ 3.17 (2.66%)
HUMNL 7.24 Decreased By ▼ -0.36 (-4.74%)
KEL 3.26 Decreased By ▼ -0.01 (-0.31%)
LOTCHEM 27.70 Decreased By ▼ -0.15 (-0.54%)
MLCF 39.55 Increased By ▲ 0.47 (1.2%)
OGDC 108.80 Increased By ▲ 0.49 (0.45%)
PAEL 17.74 Decreased By ▼ -0.01 (-0.06%)
PIBTL 5.40 Decreased By ▼ -0.16 (-2.88%)
PIOC 107.40 Increased By ▲ 1.40 (1.32%)
PPL 91.77 Decreased By ▼ -0.73 (-0.79%)
PRL 24.95 Decreased By ▼ -0.39 (-1.54%)
SILK 1.06 Decreased By ▼ -0.01 (-0.93%)
SNGP 63.04 Decreased By ▼ -0.68 (-1.07%)
SSGC 11.89 Decreased By ▼ -0.11 (-0.92%)
TELE 8.15 Decreased By ▼ -0.31 (-3.66%)
TPLP 13.16 Decreased By ▼ -0.18 (-1.35%)
TRG 81.38 Decreased By ▼ -4.02 (-4.71%)
UNITY 25.85 Decreased By ▼ -0.11 (-0.42%)
WTL 1.51 Decreased By ▼ -0.03 (-1.95%)
BR100 6,181 Decreased By -4.8 (-0.08%)
BR30 21,539 Increased By 79.8 (0.37%)
KSE100 60,531 Increased By 29.3 (0.05%)
KSE30 20,188 Increased By 13 (0.06%)

BENGALURU/ MUMBAI: Physical gold demand in India was subdued this week as consumers postponed purchases due to higher domestic prices during the wedding season, while Singapore saw an uptick in activity.

“Buying (in India) slowed down because of price rises. Consumers are expecting a correction in prices,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

Local gold prices jumped to 48,990 rupees ($651.92) per 10 grams on Thursday, the highest level since Nov. 19.

Wedding season buying has moderated, but it could pick up in the coming weeks as many states have started easing restrictions, said a Mumbai-based bullion dealer with a gold importing bank. This week, dealers in India were offering a discount of up to $2.5 an ounce over official domestic prices, inclusive of the 10.75% import and 3% sales levies, up from last week’s discount of $1.5.

In Singapore, premiums of about $1.80 to $2.50 per ounce were charged this week, compared with last week’s range of about $2 to $2.50. There was increase in buying due to inflation concerns, said Brian Lan, managing director at dealer GoldSilver Central.

Many are also worried about the performance of other asset classes and we have seen more clients come in to buy gold especially in the past few days, Lan said.

In top consumer China, premiums of about $3 to $6 an ounce were charged over benchmark spot gold rates, with activity still muted after Lunar New Year holiday last week.

“The physical market is still very quiet. But I expect steady demand to continue because people worry about inflation and the tension between the Ukraine and Russia,” said Peter Fung, head of dealing at Wing Fung Precious Metals. Hong Kong premiums slightly widened to $0.50-$2.00 an ounce versus $0.50-$1.80 last week.

Comments

Comments are closed.

Asia gold: Physical demand slow due to high prices in India

COP28 opens with ‘historic’ launch of loss and damage fund

Blinken says truce between Israel-Hamas is producing results

Long wait for freedom: Afghan refugees in limbo in Pakistan

Inter-bank: rupee registered 3rd successive gain against US dollar

Open market: rupee strengthens against US dollar

Pakistan’s central bank reserves increase $77mn, now stand at $7.26bn

PM Kakar calls for utilizing Loss & Damage Fund on merit

Oil prices fall amid skepticism on OPEC+ supply cuts

Pakistan cannot develop without development of Balochistan: Zardari

KSE-100 stays flat amid profit-taking