Physical gold dealers in India reduced discounts last week as demand picked up slightly after prices eased, while activity in top consumer China was still muted by COVID-induced curbs.
In India, dealers offered discounts of $10 an ounce over official domestic prices - inclusive of 10.75% import and 3% sales levies - versus last week’s $12 discounts. Despite the ongoing wedding season, demand hasn’t picked up at a normal pace due to current prices.
In China, discounts rose to around $10 per ounce versus global benchmark spot rates from $4.3-$6 last week. As Shanghai is still locked down, the market was a little quiet. In Hong Kong, gold changed hands at $2.5 an ounce discounts to $0.50 premiums. Singapore saw premiums of $1.30-$1.80 per ounce. In Japan, gold sold at anywhere between on par with the benchmark to a $0.50 premium.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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