AGL 22.90 Decreased By ▼ -1.83 (-7.4%)
AIRLINK 103.99 Decreased By ▼ -7.11 (-6.4%)
BOP 5.36 Decreased By ▼ -0.18 (-3.25%)
CNERGY 3.86 Decreased By ▼ -0.04 (-1.03%)
DCL 8.02 Decreased By ▼ -0.43 (-5.09%)
DFML 39.10 Decreased By ▼ -3.15 (-7.46%)
DGKC 86.95 Decreased By ▼ -2.65 (-2.96%)
FCCL 22.70 Decreased By ▼ -0.20 (-0.87%)
FFBL 40.59 Decreased By ▼ -1.39 (-3.31%)
FFL 8.89 Decreased By ▼ -0.15 (-1.66%)
HUBC 153.50 Decreased By ▼ -8.70 (-5.36%)
HUMNL 10.65 Decreased By ▼ -0.70 (-6.17%)
KEL 4.55 Decreased By ▼ -0.23 (-4.81%)
KOSM 3.90 Decreased By ▼ -0.16 (-3.94%)
MLCF 37.50 Decreased By ▼ -1.45 (-3.72%)
NBP 49.00 Decreased By ▼ -1.60 (-3.16%)
OGDC 134.15 Decreased By ▼ -2.96 (-2.16%)
PAEL 26.15 Decreased By ▼ -2.40 (-8.41%)
PIBTL 6.07 Decreased By ▼ -0.18 (-2.88%)
PPL 116.79 Decreased By ▼ -6.01 (-4.89%)
PRL 23.55 Decreased By ▼ -0.75 (-3.09%)
PTC 12.90 Decreased By ▼ -0.84 (-6.11%)
SEARL 57.25 Decreased By ▼ -2.80 (-4.66%)
TELE 7.45 Decreased By ▼ -0.31 (-3.99%)
TOMCL 35.74 Decreased By ▼ -3.66 (-9.29%)
TPLP 8.50 Decreased By ▼ -0.26 (-2.97%)
TREET 15.68 Decreased By ▼ -0.52 (-3.21%)
TRG 56.40 Decreased By ▼ -3.60 (-6%)
UNITY 33.40 Decreased By ▼ -1.00 (-2.91%)
WTL 1.18 Decreased By ▼ -0.04 (-3.28%)
BR100 8,433 Decreased By -274.3 (-3.15%)
BR30 26,639 Decreased By -1159 (-4.17%)
KSE100 80,118 Decreased By -1722 (-2.1%)
KSE30 25,681 Decreased By -584.1 (-2.22%)

Physical gold demand stalled in India this week as monsoon rains and a spike in domestic prices kept buyers at bay, while bullion was sold at high premiums in top consumer China.

Indian dealers were offering a discount of up to $6 an ounce over official domestic prices — inclusive of the 15% import and 3% sales levies, unchanged from the last week.

Heavy rainfall disrupted normal life in Gujarat and Maharashtra, two key consuming states, said a Mumbai-based bullion dealer with a private bank.

“Retail demand in many states is being affected by heavy rainfall. People don’t want to step out of their houses,” he said.

The rebound in local prices has also been discouraging buyers from making purchases, said a Chennai-based bullion dealer.

Local gold prices jumped to 59,984 rupees per 10 grams earlier this week, their highest since June 9.

Asia Gold: India at discount as high prices dent retail demand

In China, gold changed hands at premiums of anywhere between $9 and $17 an ounce to global prices, compared with premiums of $10 and $14 charged last week.

“Demand is moderate considering economic downturn in most sectors,” said Bernard Sin, regional director, Greater China at MKS PAMP.

“We don’t see panic safe havens buying or investors shifting into gold. We also don’t see sellers flooding the market. Also, no new gold import quota has been issued.”

In Hong Kong, gold was sold at $0.50-$2.25 premiums, while Singapore dealers charged $1.50-$2.50 premiums.

The gold market has been a bit quiet, said Brian Lan of Singapore dealer GoldSilver Central, adding that retail investors are worried that prices will continue to shoot up and some of them are already waiting for such price levels to sell.

In Japan, gold was sold at a discount of $0.25 to global prices, with people taking advantage of a stronger local currency to sell and book profits, a trader said.

Comments

Comments are closed.