Gold price in the US dollar briefly dropped to a 7-week low below $1900 with strong US retail sales, while the gold premium in China rose to 10-month highs, as Beijing’s surprise rate cut deepened concerns over the health of the world second largest economy
That was especially apparent during the day of Akshaya Tritiya at the weekend, which is considered one of the most auspicious times of the year to buy gold by the nation’s majority Hindu population.
Outages last year curbed output of the metals, and the power crisis that’s crimping the economy has worsened in recent months. The nation’s platinum-group metals production will likely fall this year, according to Impala Platinum.