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Asia Gold Indian jewellers stay shut as lockdowns stifle demand

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. ....

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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 discounts widen as pandemic dulls festive demand

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. ....

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Gold prices soar by Tk 2,333 ahead of Eid

Gold prices soar by Tk 2,333 ahead of Eid
Bangladesh Jewellers Association has raised the price of gold in the local market by Tk 2,333 per bhari.
The new price came into effect at 1pm on Monday.
After the latest hike, the price of per bhari 22-carat gold will cost Tk 71,442 while per bhari 21-carat Tk 68,293, 18-carat Tk 59,545 and traditional gold will cost Tk 49,222.
The association cited economic crisis caused by the coronavirus situation was the main reason behind the price hike of gold.
Besides, dealers can not import gold against the demand because of suspension of international flights and tax complexities, the association informed adding for that reason price of pure gold has been increased in the local bullion market. ....

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