Physical gold demand in second-biggest bullion consumer India was negligible this week with most jewellery stores still shut by COVID-19 lockdowns, forcing dealers to offer steep discounts.
Indian jewellers stay shut as lockdowns stifle gold demand
5 hours ago A saleswoman displays a gold necklace inside a jewellery showroom in Kolkata. File/Reuters
Physical gold demand in second-biggest bullion consumer India was negligible this week with most jewellery stores still shut by COVID-19 lockdowns, forcing dealers to offer steep discounts.
“Lockdowns are badly hitting the industry. Jewellers have stopped buying since retail demand is almost zero,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.
Most states have imposed curbs as infections crossed 27 million, with over 3,000 people dying every day.
Dealers offered discounts of up to $10 an ounce, the highest since mid-September 2020, over official domestic prices - inclusive of 10.75% import and 3% sales levies - unchanged from last week.