Physical gold dealers in India were forced to offer steeper discounts this week as record high prices accelerated a post-festival slowdown in demand, with the rise in local prices hurting activity in other Asian hubs as well. Indian dealers offered discounts of up to $9 an ounce over official domestic prices — inclusive of 15% import and 3% sales levies — up from the last week's discounts of $6. Demand was good for a few days after the Diwali festival last month, but rising prices have brought the market to a standstill, a New Delhi-based bullion dealer said.
Top Asian hubs saw some selling of physical gold this week as people cashed in on relatively high prices, with lacklustre demand during the wedding season in India prompting dealers to offer steeper discounts. The bullion industry was hoping the momentum seen during the festival of Diwali would continue, but higher prices seem to be hampering wedding season demand, said a Mumbai-based bullion dealer with a private bank. Local gold prices in India were around 61,100 rupees per 10 grams on Friday after hitting a record high of 61,914 rupees last week.
If you re looking to diversify your investment portfolio and hedge against inflation, a precious metals IRA is an excellent option worth considering. A precious metals IRA, also known as a gold IRA, is a self-directed retirement account that allows you to hold precious metals such as gold, silver, platinum, and palladium.
Many financial advisors recommend investing in precious metals as they can help diversify a portfolio and hedge it against the volatility of the stock market as well as inflation. Gold typically takes.
A-Mark Precious Metals has unique leverage to future gains in gold/silver/platinum/palladium prices. Read why I suggest you to consider buying a stake in AMRK.