The Chinese translation is being made; the original is shown for now.
India’s gold market stayed firm this week as lower domestic prices drew festive buying, while demand in top consumer China remained subdued.
In India, domestic gold prices were trading around 137,000 rupees ($1,455.16) per 10 grams after falling to 135,530 rupees on Thursday, their lowest level since March 23.
“Retail buyers were keen to make purchases during Diwali, and the price drop provided them with an added incentive,” said a Kolkata-based bullion dealer.
Indians celebrated Diwali this week, when buying gold is considered auspicious.
Dealers quoted premiums of up to $8 an ounce over official domestic prices this week, inclusive of 15% import and 3% sales levies, compared with the previous week’s premiums of up to $4.
Wedding-season demand is also gaining momentum and is expected to remain firm as long as prices hold near current levels, said a Mumbai-based bullion dealer with a private bank.
In China, bullion traded at a $3 to $6-an-ounce premium over global benchmark prices.
“Buyers remain cautious amid a wide and volatile trading range in spot gold, while expectations that the Federal Reserve may need to raise rates more rapidly this winter are adding pressure to gold and keeping physical demand price-sensitive,” said Bernard Sin, regional director, Greater China, MKS PAMP.
International spot gold prices rose 1% on Friday, as bargain hunting emerged after prices hit a more than one-year low on Thursday.
In Singapore, gold traded between a $1 discount and a $1.80 premium this week, while in Hong Kong, gold was sold between a $1.50 discount and a $1.80 premium.
In Japan, gold traded between flat and a 50-cent premium.
($1 = 94.1475 Indian rupees)
(Reporting by Sukanya Mitra in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Subhranshu Sahu)
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