Latest news with #HugoPascal
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.
Reuters
3 days ago
- Business
- Reuters
Asia Gold: India gold demand lags as prices rise, wedding buying cools
May 30 (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.
Reuters
11-04-2025
- Business
- Reuters
Price premium for gold in China jumps due to tit-for-tat tariffs
April 11 (Reuters) - The price premium for gold in top consumer China above global benchmark spot prices widened this week due to consumers and investors seeking refuge from the country's escalating trade war with the United States, analysts said. In the latest salvo, China increased tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145%. Rising demand in China has helped gold resume the rally which saw benchmark prices, set in London, rebound after a brief retreat earlier this week to breach $3,200 per ounce and hit a record high of $3,243.82 on Friday. "China has been bidding gold every single day this week, fuelled by tariff uncertainty and yuan depreciation, helping the metal to push to a new all-time high," said Hugo Pascal, a precious metals trader at InProved. Robust demand for gold, despite record high prices, can be seen on the Shanghai Gold Exchange where the premium for gold in the afternoon auction on Friday was at 1.1% above the London benchmark compared to 0.15% a week earlier, according to his calculations. Investors in China are piling into gold as the yuan touched a 2007 low against the dollar this week and slipped to a 19-month low against currencies of its major trading partners. Global institutional and retail investors have headed for the safety of gold this year due to fears of the damage to economic growth from tariffs, which also create inflationary pressures and erode the value of financial assets. In China's physical gold market, premiums widened to $24-$54 an ounce over the benchmark price this week from $6-$13 a week earlier. "It is highly unusual for gold to see buying on price strength and it only typically occurs when factors are not just favourable, but compelling," said independent analyst Ross Norman. Purchases by the People's Bank of China (PBOC), which has been buying bullion for five consecutive months, are helping to support the investment sentiment in the country. China recently changed the rules to allow some of its insurance funds to invest up to 1% of their assets in gold, adding to institutional demand in the country.
