Latest news with #ChenajiNarsinghji
Yahoo
5 days ago
- Business
- Yahoo
Price rise dulls activity in top Asian hubs
By Rajendra Jadhav and Brijesh Patel (Reuters) -Physical gold demand in key Asian hubs slipped this week as a rise in prices weighed on buying interest, while higher rates encouraged some to cash in on their holdings. "Buyers aren't keen on picking up gold at these prices. In fact, some investors are offloading the coins and bars they grabbed when prices were lower," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. In India, domestic gold prices were trading around 102,100 rupees ($1,165.45) per 10 grams on Friday after hitting a record high of 102,191 rupees earlier. Indian dealers this week quoted a discount of $9 to a premium of $2 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to the last week's discount of up to $7. Jewellery exporters are not keen to buy gold, as demand from their biggest market, the United States, is likely to fall due to tariffs imposed by President Donald Trump, said a Mumbai-based bullion dealer with a private bank. In top consumer China, bullion changed hands at par to a $2 premium an ounce over the global benchmark spot price. Last week, dealers quoted gold between a discount of $4.2 and a premium of $12 per ounce. "Last week, we saw some buying interest, but this week prices have been on the rise, so there's less buying interest. Overall, we are seeing people buying gold on dips," said Peter Fung, head of dealing at Wing Fung Precious Metals. In Hong Kong, gold was sold at par to a premium of $1.60, while in Singapore, gold traded between at-par prices and a $2.50 premium. "As gold prices have gone up, we see more selling from the retail and wholesale sides. We see more of them borrowing gold at this point in time because prices are edging on the higher side," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a $0.25 premium over spot prices, according to a Tokyo-based trader. ($1 = 87.6060 Indian rupees)
Reuters
08-08-2025
- Business
- Reuters
ASIA GOLD Price rise dulls activity in top Asian hubs
Aug 8 (Reuters) - Physical gold demand in key Asian hubs slipped this week as a rise in prices weighed on buying interest, while higher rates encouraged some to cash in on their holdings. "Buyers aren't keen on picking up gold at these prices. In fact, some investors are offloading the coins and bars they grabbed when prices were lower," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. In India, domestic gold prices were trading around 102,100 rupees ($1,165.45) per 10 grams on Friday after hitting a record high of 102,191 rupees earlier. Indian dealers this week quoted a discount of $9 to a premium of $2 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to the last week's discount of up to $7. Jewellery exporters are not keen to buy gold, as demand from their biggest market, the United States, is likely to fall due to tariffs imposed by President Donald Trump, said a Mumbai-based bullion dealer with a private bank. In top consumer China, bullion changed hands at par to a $2 premium an ounce over the global benchmark spot price . Last week, dealers quoted gold between a discount of $4.2 and a premium of $12 per ounce. "Last week, we saw some buying interest, but this week prices have been on the rise, so there's less buying interest. Overall, we are seeing people buying gold on dips," said Peter Fung, head of dealing at Wing Fung Precious Metals. In Hong Kong, gold was sold at par to a premium of $1.60, while in Singapore , gold traded between at-par prices and a $2.50 premium. "As gold prices have gone up, we see more selling from the retail and wholesale sides. We see more of them borrowing gold at this point in time because prices are edging on the higher side," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a $0.25 premium over spot prices, according to a Tokyo-based trader. ($1 = 87.6060 Indian rupees)
Reuters
17-07-2025
- Business
- Reuters
India's June gold imports fall to two-year low as record price dents demand
MUMBAI, July 16 (Reuters) - India's gold imports in June fell 40% from a year ago to their lowest level in more than two years, as a price rally to a record high sapped demand, a government and two industry officials told Reuters. Imports to India, the world's second-largest gold consumer, fell to 21 tons, the lowest since April 2023, said a government official, who declined to be named as he was not authorised to talk to the media. In value terms, gold imports fell to $1.84 billion in June from $2.48 billion a year ago, the official said. In the past decade, on average, India imported 52.4 tons of gold in June. In the first half of 2025, India's gold imports fell 30% from a year ago to 204.1 tons, the lowest since the first half of 2020, when the COVID-19 outbreak led to lockdown, the trade ministry data showed. The rapid surge in prices has been discouraging retail buyers from making jewellery purchases, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. Domestic prices hit an all-time high of 101,078 rupees per 10 grams in June. Gold prices have risen 27% so far this year after rising 21% in 2024. Gold imports would remain subdued even in July, as demand is still tepid because of higher prices, Jain said. Silver imports in June nearly doubled from a year ago to 197 tons, but were significantly lower than the 544 tons imported in May, the government official said. In recent months, Indian investors, traditionally obsessed with stockpiling gold, are increasingly turning to silver , as its returns this year outpaced those of gold.
Business Recorder
16-07-2025
- Business
- Business Recorder
India's June gold imports fall to two-year low as record price dents demand
MUMBAI: India's gold imports in June fell 40% from a year ago to their lowest level in more than two years, as a price rally to a record high sapped demand, a government and two industry officials told Reuters. Imports to India, the world's second-largest gold consumer, fell to 21 tons, the lowest since April 2023, said a government official, who declined to be named as he was not authorised to talk to the media. In value terms, gold imports fell to $1.84 billion in June from $2.48 billion a year ago, the official said. In the past decade, on average, India imported 52.4 tons of gold in June. In the first half of 2025, India's gold imports fell 30% from a year ago to 204.1 tons, the lowest since the first half of 2020, when the COVID-19 outbreak led to lockdown, the trade ministry data showed. The rapid surge in prices has been discouraging retail buyers from making jewellery purchases, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. Domestic prices hit an all-time high of 101,078 rupees per 10 grams in June. Gold prices have risen 27% so far this year after rising 21% in 2024. Gold imports would remain subdued even in July, as demand is still tepid because of higher prices, Jain said. Silver imports in June nearly doubled from a year ago to 197 tons, but were significantly lower than the 544 tons imported in May, the government official said. In recent months, Indian investors, traditionally obsessed with stockpiling gold, are increasingly turning to silver , as its returns this year outpaced those of gold.
Kuwait Times
16-07-2025
- Business
- Kuwait Times
India's June gold imports fall to two-year low
KOLKATA: Gold jewelry kept on display inside a shop in Kolkata. -- AFP MUMBAI: India's gold imports in June fell 40 percent from a year ago to their lowest level in more than two years, as a price rally to a record high sapped demand, a government and two industry officials told Reuters. Imports to India, the world's second-largest gold consumer, fell to 21 tons, the lowest since April 2023, said a government official, who declined to be named as he was not authorized to talk to the media. In value terms, gold imports fell to $1.84 billion in June from $2.48 billion a year ago, the official said. In the past decade, on average, India imported 52.4 tons of gold in June. In the first half of 2025, India's gold imports fell 30 percent from a year ago to 204.1 tons, the lowest since the first half of 2020, when the COVID-19 outbreak led to lockdown, the trade ministry data showed. The rapid surge in prices has been discouraging retail buyers from making jewelry purchases, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. Domestic prices hit an all-time high of 101,078 rupees per 10 grams in June. Gold prices have risen 27 percent so far this year after rising 21 percent in 2024. Gold imports would remain subdued even in July, as demand is still tepid because of higher prices, Jain said. Silver imports in June nearly doubled from a year ago to 197 tons, but were significantly lower than the 544 tons imported in May, the government official said. In recent months, Indian investors, traditionally obsessed with stockpiling gold, are increasingly turning to silver, as its returns this year outpaced those of gold. — Reuters
