AIRLINK 60.13 Decreased By ▼ -0.57 (-0.94%)
BOP 6.20 Decreased By ▼ -0.10 (-1.59%)
CNERGY 4.59 Increased By ▲ 0.20 (4.56%)
DFML 15.93 Decreased By ▼ -0.26 (-1.61%)
DGKC 69.93 Decreased By ▼ -0.27 (-0.38%)
FCCL 17.92 Decreased By ▼ -0.10 (-0.55%)
FFBL 26.45 Decreased By ▼ -0.05 (-0.19%)
FFL 9.11 Decreased By ▼ -0.14 (-1.51%)
GGL 10.09 Decreased By ▼ -0.21 (-2.04%)
HBL 115.70 Increased By ▲ 0.70 (0.61%)
HUBC 115.52 Decreased By ▼ -0.03 (-0.03%)
HUMNL 6.83 Decreased By ▼ -0.25 (-3.53%)
KEL 4.89 Decreased By ▼ -0.11 (-2.2%)
KOSM 5.50 Increased By ▲ 0.05 (0.92%)
MLCF 38.89 Increased By ▲ 0.06 (0.15%)
OGDC 127.98 Increased By ▲ 2.37 (1.89%)
PAEL 21.61 Decreased By ▼ -0.29 (-1.32%)
PIAA 13.80 Increased By ▲ 1.00 (7.81%)
PIBTL 5.95 Decreased By ▼ -0.27 (-4.34%)
PPL 114.20 Decreased By ▼ -2.30 (-1.97%)
PRL 28.96 Increased By ▲ 0.60 (2.12%)
PTC 12.22 Decreased By ▼ -0.03 (-0.24%)
SEARL 50.47 Decreased By ▼ -1.78 (-3.41%)
SNGP 66.95 Decreased By ▼ -0.75 (-1.11%)
SSGC 11.20 Decreased By ▼ -0.24 (-2.1%)
TELE 8.09 Decreased By ▼ -0.14 (-1.7%)
TPLP 11.44 Decreased By ▼ -0.18 (-1.55%)
TRG 74.52 Increased By ▲ 2.52 (3.5%)
UNITY 23.00 Decreased By ▼ -1.05 (-4.37%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 6,770 Decreased By -19.3 (-0.28%)
BR30 22,845 Decreased By -232.4 (-1.01%)
KSE100 65,726 Decreased By -225.7 (-0.34%)
KSE30 22,285 Decreased By -132.2 (-0.59%)

Indian buyers brushed off record high local prices this week making gold purchases during the Diwali festival week in the country, while China premiums remained buoyant after the top-buyer continued to accumulate gold holdings.

“Demand improved gradually this week. It was as good as last year despite record high prices,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

Local gold prices were trading around 60,900 rupees($731.81) per 10 grams on Friday after hitting an all-time high of 61,914 rupees($744.00)this week.

Sales of coins and bars picked up from the last weekend, while demand for jewellery also improved, said a Mumbai-based bullion dealer with a private bank.

Dealers were offering a discount of up to $3 an ounce over official domestic prices — inclusive of the 15% import and 3% sales levies, down from the last week’s discount of $4.

Asia gold: Festivities lend small spark to India demand

In China, dealers charged premiums of $43-$58 per ounce over global spot prices, up from last week’s $40-$50.1.

“In October, China extended its 12-month streak of increasing gold holdings, providing crucial support to physical premiums,” said Bernard Sin, regional director of Greater China at MKS PAMP.

“With no recent issuance of import quotas, the expectation is for gold premiums to remain at the current level through the end of the month.”

As of end-October, China held 71.20 million fine troy ounces of gold, up from 70.46 million at end-September.

Bullion was sold at premiums of $1.5-$2.5 per ounce in Hong Kong and Singapore.

In Japan, gold changed hands at anywhere between $0.10 discounts and $1 premiums.

Comments

200 characters