Few buyers turn to online platforms to buy gold - Indian dealer Bangladesh Jewellers Association raises local gold rates Singapore premiums ease to $1.3-$1.9/oz vs $1.5-$2 last week
May 14 (Reuters) - Physical gold was sold at the biggest discount in over seven months in India this week as pandemic-led restrictions kept jewellery stores closed during a key gold-buying festival in the world’s second biggest consumer.
“For the second straight year, Akshaya Tritiya sales plunged because of coronavirus,” said a Mumbai-based bullion dealer with a gold-importing bank. “Retail sales are almost nil as jewellery stores are closed.”
Akshaya Tritiya, considered an auspicious time to buy gold, was being celebrated on Friday, although most Indian states were under COVID-19-led curbs.
China premiums little changed at $7-$9 China allows multi-billion dollar gold imports - sources
April 16 (Reuters) - Elevated domestic prices and renewed coronavirus restrictions due to a surge in infections dulled physical gold purchases in India, while China stepped up bullion imports as demand gradually rebooted.
“Retail demand has been falling in many regions due to restrictions on the movement of people,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.
On Friday, local gold futures were trading around 47,000 rupees per 10 grams after rising to 47,279 rupees on Thursday, the highest since mid-February.
Many states such as Maharashtra, Delhi and Uttar Pradesh have imposed local curbs to arrest the spread of the coronavirus.
Chinese net gold imports via Hong Kong fall in January Indian jewellers aggressively building inventory- dealer
Feb 26 (Reuters) - Physical gold demand in India gained momentum this week as retail buyers and jewellers lapped up bullion at near eight-month low prices, while Singapore continued to see steady interest for both gold and silver.
Gold futures in India were trading around 46,000 rupees per 10 grams, not far from the eight-month trough of 45,861 rupees touched last week.
“Consumers are quite comfortable with current price level. There is good demand for jewellery from retail buyers,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the city of Kolkata.
Physical gold in top consumer China was sold at a small premium for the first time since early 2020, as demand picked up ahead of the Chinese new year.