Latest news with #InProved
Time of India
17 hours ago
- Business
- Time of India
Indian dealers offer steeper discounts as price rally dulls demand
Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Prince William & Kate Met Princess Diana's Secret Daughter. Plays Star Undo The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Live Events Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker 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. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices.
Reuters
17 hours ago
- Business
- Reuters
Asia Gold: Indian dealers offer steeper discounts as price rally dulls demand
June 6 (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker 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. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices.
Yahoo
17 hours ago
- Business
- Yahoo
Indian dealers offer steeper discounts as price rally dulls demand
By Rajendra Jadhav and Brijesh Patel (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker 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. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
