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Business Recorder
3 days ago
- Business
- Business Recorder
Asia gold: India gold demand lags as prices rise, wedding buying cools
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. 'The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases,' said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. 'Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now,' said Ross Norman, an independent analyst. Gold falls as dollar strengthens ahead of key US inflation data China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. 'Gold bullish bets remain predominant on the SHFE despite lower trading volume,' said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
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Business Standard
3 days ago
- Business
- Business Standard
India's gold demand lags as wedding season ends, high prices deter buyers
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around Rs 94,900 per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
Mint
3 days ago
- Business
- Mint
India gold demand lags as prices rise, wedding buying cools
By Rajendra Jadhav and Anmol Choubey (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50. (Reporting by Anmol Choubey in Bengaluru and Rajendra Jadhav in Mumbai; additional reporting by Brijesh Patel; Editing by Eileen Soreng)
South China Morning Post
10-02-2025
- General
- South China Morning Post
Hong Kong can sustain its HK$2 transport scheme with 1 tweak
Published: 11:30am, 10 Feb 2025 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification The HK$2 (26 US cents) public transport fare concession scheme for elderly residents faces sustainability challenges amid the current fiscal deficit. The scheme in its present form may not endure in the long run. A monthly cap offers one solution, but doesn't tackle rush-hour congestion . A more effective approach is to offer concessional fares during off-peak hours, excluding 8-10am and 5 -7pm to encourage the elderly to travel from 10am to 5pm. This adjustment can significantly impact overcrowding during rush hour, as around 31 per cent of Hong Kong's population qualifies for the concession – a figure that is expected to rise with the ageing population. According to the Hong Kong Census and Statistics Department, there were 2.36 million people aged 60 or older as of 2024. The implementation can be straightforward, similar to the MTR's early bird discount, which already offers a 25 per cent fare reduction for early morning travel. Reducing peak-hour ridership is critical in Hong Kong's fast-paced environment, where overcapacity can mean being late for work. This is particularly relevant for those who ride minibuses, where standing is prohibited, or trains on which doors don't initially shut properly. Encouraging off-peak travel also offers elderly passengers a safer, more comfortable journey with more available seating. Another issue is misuse of the scheme. Between June 2023 and February 2024, over 4,200 rail passengers were fined for misuse, indicating the scheme's potential for exploitation. Bus and minibus misuse is harder to quantify but likely equally substantial. Shifting concessions to off-peak times would ease enforcement pressures during congested hours and deter misuse by removing exploitability at peak times.
