HomeBusinessGold demand soft in top Asian hubs as prices soar

Gold demand soft in top Asian hubs as prices soar

Physical gold demand in major Asian hubs softened this week with prices near multi-month peaks, although Indian dealers looked to the upcoming wedding season for renewed interest in bullion.

“Jewellers have taken a pause. They are waiting for prices to correct,” said a Mumbai-based bullion dealer with a private bank. Local gold futures closed at ₹49,059 per 10 grams on Thursday, after rising to ₹49,610 earlier this week – the highest since June 3.

Dealers were this week offering a discount of up to $2.5 an ounce over official domestic prices — inclusive of the 10.75% import and 3% sales levies — up from the prior week’s discount of $2.

Buyers are now postponing their purchases for weddings, said a bullion dealer.

In China, the world’s top consumer of gold and Japan, retail demand continued to struggle due to higher prices. Premiums of $1-$4 an ounce in China were charged over benchmark spot prices compared with last week’s $2-$5 an ounce premium.

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