India’s gold consumption likely to rebound this year - WGC Singapore premiums at $1.2-$1.8/oz
Jan 29 (Reuters) - Physical gold demand eased in top consumer China this week as coronavirus-led restrictions dampened retail buying ahead of the Chinese New Year.
Dealers sold gold at anywhere between a discount of $4 and a premium of $4 an ounce over benchmark spot gold prices, versus $0.50-$4 premiums last week.
“Gold is uninteresting to Chinese investors in the current climate given its weaker returns recently. Gold premiums will neither collapse nor skyrocket,” said Bernard Sin, regional director for Greater China at MKS Switzerland.
China has imposed lockdowns and discouraged travel ahead of its Lunar New Year in early February.
Gold ETFs expanded in the US last week, contrasting with a bearish turn in Comex speculation ahead of Monday s strong Chinese GDP data and Wednesday s Biden inauguration
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.
China discounts narrow to $16-$20/oz from $19-$24 People too cautious to spend savings right now -dealer Spot gold prices on track for 3rd consecutive weekly gain
BENGALURU/MUMBAI, Dec 18 (Reuters) - Physical gold in India was sold at a discount for the first time in six weeks as a rebound in local prices to a one-month peak squeezed demand, while purchases slowed in other Asian hubs ahead of the year-end holidays. India’s local gold futures jumped to 50,642 rupees per 10 grams on Thursday, the highest level since Nov. 18.
“Demand is very subdued. Retail buyers are postponing purchases because of a price rise,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.
Indian Gold Dealers Offer Discounts For First Time In Six Weeks As Buying Slows Spot gold prices were on track for their third straight weekly gain, having hit a one-month high of $1,895.81 on Thursday
Updated: December 18, 2020 7:41 pm IST
India s gold futures jumped to Rs 50,642 per 10 gm on Thursday, the highest level since November 18.
Physical gold in India was sold at a discount for the first time in six weeks as a rebound in local prices to a one-month peak squeezed demand, while purchases slowed in other Asian hubs ahead of the year-end holidays.
India s local gold futures jumped to Rs 50,642 per 10 grams on Thursday, the highest level since November 18.