According to a Mumbai-based bullion dealer, the volatility has prompted jewellers to delay purchases for the upcoming wedding season, as per a report in The Hindu BusinessLine.
Customers in top consumer China were charged premiums of $7-$10 an ounce versus last week's $6-$9. Hong Kong premiums rose to $0.80-$1.80 from $0.50-$1previously.
Markets in China, Japan and Singapore took cues from a dip in global benchmark spot gold prices. In Singapore premiums rose to $1.40-$1.80 an ounce over spot rates - around $1,779 an ounce on Friday - from the last week's $1.30-$1.60.
Dick Poon, general manager at Heraeus Metals Hong Kong Ltd, said premiums could be moving higher in part because of a reduced inflow of scrap as refiners prepare for annual stock counts. In Japan, gold was sold on par with the benchmark to $0.50 premiums.
A Tokyo-based dealer said some retail investors could buy gold to hedge against concerns over the Omicron coronavirus variant.
The Indian market flipped to a discount of about $2 an ounce over official domestic prices - inclusive of 10.75% import and3% sales levies - from last week's $2 premiums.
"Retail demand has fallen substantially in the last few days, prompting jewellers to reduce bullion purchases," said Harshad Ajmera, proprietor of Kolkata-based wholesaler JJ Gold House.
Аруна Гаитонде, шеф-редактор Азиатского бюро Rough&Polished
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