Gold buying surges in India as prices down ₹10,000 from record highs
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Physical gold demand in India witnessed a surge this week as prices dropped close to 8-month lows. On Friday, gold futures on MCX settled near ₹46,190 after a sharp drop of about ₹1,200 this week. After a over 25% surge in 2020, gold prices have corrected sharply this year. So far they are down about ₹4,000 from the start of the year and as compared to August highs of ₹56,200, they remain ₹10,000 lower.
In India, dealers were charging a premium of up to $7 an ounce over official domestic prices, the highest in eight months, Reuters reported. In the previous week, they were charging a premium of up to $5, inclusive of import duty and GST.