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Indian jewellers stay shut as lockdowns stifle gold demand


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. ....

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Asia Gold-India demand falters as virus rages, China ramps up imports


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. ....

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