Gold Demand Rises As Yellow Metal's Rates Hit 1-Month Low: Check Price In Your City On August 2
In the international market, spot gold hit its one-month low level this week and saw a third consecutive weekly loss.
Gold Prices In India Today, August 2: Physical gold demand in India, along with other key Asian markets, has improved this week as a pullback in prices led to buying interest, according to a Reuters report. In the international market, spot gold hit its one-month low level this week and saw a third consecutive weekly loss.
In India, 24-karat gold prices were trading at around Rs 97,700 per 10 grams on Friday, after rising to Rs 1,00,555 last week. However, the gold prices on Saturday jumped after weak jobs data in the US.
'This week, footfall was better than last week. Buyers were inquiring about price trends and making small purchases," Reuters has cited a Pune-based jeweller as saying.
Discounts offered by Indian dealers narrowed to as much as $7 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to up to $15 last week.
Jewellers were keen to make purchases to replenish inventory after a correction in overseas prices, but a significant drop in the rupee offset the impact of the price fall to an extent, said a Mumbai-based bullion dealer with a private bank.
India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, the World Gold Council said on Thursday.
'China appears to slightly buy the dip in gold… trading volume for the physical proxy contract AU9999 on the Shanghai Gold Exchange has been on the rise (11 tons traded yesterday), reflecting a renewed interest in the metal," said Hugo Pascal, a precious metals trader at InProved, according to Reuters.
In Hong Kong, gold was sold at par to a $1.50 premium, while Singapore prices ranged from par to a $1.40 premium.
In Japan, bullion was sold at par to a premium of $0.60.
'There was lots of demand to buy if the price dropped even slightly. Regardless of the Japan-US trade deal, gold is being purchased as an asset class amid low interest rates," a Japan-based trader said.
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