The Chinese translation is being made; the original is shown for now.
Gold traded at a premium in India this week for the first time in more than three months as a pullback in prices boosted jewellery purchases, while demand in top consumer China remained subdued.
In India, domestic gold prices were quoted around 148,200 rupees per 10 grams on Friday, after touching a two-week low of 145,627 rupees earlier in the week.
“Jewellery demand is picking up with the festive and wedding season kicking in, but investors are still holding back as prices continue to fall,” said Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold.
Dealers quoted premiums of up to $7 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, compared with discounts of up to $6 last week.
Although gold imports typically increase ahead of the festival season, inflows have been lower than usual this year, tightening domestic supplies, said a Mumbai-based dealer at a private bank.
India’s gold imports in September fell to $1.8 billion, a slump from $9.6 billion last year, trade ministry data showed.
Meanwhile, several large Indian mutual funds issued public notices late on Thursday suspending bulk subscriptions to gold exchange-traded funds.
In China, bullion traded at premiums of $4 to $13 an ounce to the global benchmark price.
“Buying interest remains subdued as spot gold continues to trade in a wide and volatile range, making physical buyers more cautious,” said Bernard Sin, regional director, Greater China at MKS PAMP.
International spot gold prices edged higher, but were on track for a marginal weekly decline.
In Singapore, gold was sold between a premium of $0.50 and $1.70 this week, while it traded flat to $1.50 premium in Hong Kong.
In Japan, gold was sold between a $0.25 discount and a $0.50 premium.
Investment demand for gold in Japan remains weak, with retail purchases showing a similar trend, a Tokyo-based trader said.
(Reporting by Sukanya Mitra in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Sherry Jacob-Phillips)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.