Latest news with #RossNorman
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.
Yahoo
3 days ago
- Business
- Yahoo
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.
International Business Times
22-05-2025
- Business
- International Business Times
Gold Prices Slip After Near Two-Week High Amid Dollar Strength and U.S. Debt Concerns
Gold decreased modestly on Thursday after they touched their two-week peak in the morning trading. Spot gold lost 0.3% at $3,303.82 per ounce as of 1020 GMT, and U.S. gold futures also shed 0.3% at $3,304.10. The temporary decline came due to a stronger U.S. dollar, as gold became costlier for other currencies. Nevertheless, concern about rising U.S. government debt and fiscal well-being supported gold prices above $3,300. Analysts explained that investors sold gold to take profits from recent increases. Independent metals analyst Ross Norman explained the recovery of the dollar took some of the gloss off gold. The dollar index gained 0.2% versus other big currencies and lessened gold's attractiveness for foreign buyers. Nevertheless, the U.S. debt situation remains a concern. If markets take a negative direction on the tax cuts, gold may remain firm, according to Norman. Last week, rating agency Moody's lowered the U.S. sovereign credit rating by a single notch. The agency pointed to the nation's mounting $36 trillion debt as a key threat. The action prompted concerns about America's fiscal stewardship. At the same time, a $ 16 billion sale of 20-year U.S. government bonds found few takers. It mirrored a conservative mood from investors, particularly as the debt load rises. Investors also monitor a sweeping tax and spending bill from President Donald Trump. It would add trillions of dollars to the country's debt if Congress passed it. The House of Representatives passed a critical hurdle on Thursday so they could debate the bill. On a party-line vote, the measure passed, paving the way for a final approval vote shortly. When politics and economics create uncertainty, investors generally view gold as a haven. Due to concerns about U.S. debt and the potential impact of changes in tax policy, investors continue to view gold as a hedge. The dollar index hovered close to a two-week low earlier in the week and lent support to gold demand. Precious metals reported varied results in related markets. Silver dipped 0.7% to $33.14 an ounce, platinum decreased 0.7% to $1,068.97, and palladium decreased 2% at $1,015 From what we've seen lately, gold prices advanced steadily in May on worries about inflationary pressures, fiscal policy, and global tensions. The U.S. debt downgrade and uncertainty about trade fueled the jump higher last week, but the dollar's recent appreciation prompted a pullback. With markets continuing to balance political updates and economic indications, gold continues to be a barometer of investor sentiment and risk sentiment. Most anticipate prices will remain volatile but supported at present levels in the short term, at least.
