Sunday , April 11 2021

Asia Gold: India changes to prizes; the price of the reference price can be seen elsewhere

MUMBAI / BENGALURU (Reuters) – Gold trades the premium in India for the first time in more than two months on strong demand after a busy week of the festival, while the decline in global prices earlier this week helped to appeal bullion in some Asian centers

Photo of the archive: A woman tries to play gold in a jewelry showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India on October 28, 2016. REUTERS / Danish Siddiqui

Indian retailers, the world's second-largest gold consumer after China, have won a prize, the first time since the beginning of September, of up to $ 3 an ounce on official domestic prices this week.

Last week, they were offering a $ 3 discount. The internal price includes an import tax of 10 percent.

"After poor sales during Dusherra, jewelers were expecting a weak demand even during the Diwali. But surprisingly, demand was better than expected," a Mumbai-based merchant said on Friday with a private ingot-importer bank.

The Indians celebrated the Dhanteras and Diwali parties last week, when buying gold, it is considered auspicious. The Dusherra festival was on October 19th.

"The demand for jewelry has improved in recent days due to a price correction," said Mangesh Devi, a jeweler in the western state of Maharashtra.

Local gold prices were traded close to its lowest level in six weeks, as Rupee earned against the US dollar, becoming cheaper rates in the international market.

The country's gold imports in October fell 43 percent from a year ago to $ 1.68 million, pointing down.

Meanwhile, world benchmark gold prices dropped to a minimum of one month earlier in the week to 1,195.90 dollars an ounce, but recovered 1.7 percent above the $ 1,215 mark, following a profit weekly [GOL/]

In China, the prizes of $ 4- $ 7 an ounce were charged with reference rates, slightly higher than the $ 4- $ 6 range of last week.

The prizes in Hong Kong also reached $ 0.80- $ 1.50 per ounce of $ 0.70- $ 1.50 before.

"I saw something of a purchase when prices dropped to $ 1,200 per level ounce … But when the market rose to $ 1,215, it was quiet," said Ronald Leung, the chief merchant of Gold Cheong Gold dealers in Hong Kong.

In Singapore, the prizes remained unchanged at $ 0.60 – $ 0.90 an ounce, as the demand was warm, according to a Singaporean-based merchant.

The awards in Japan were flat for the ninth consecutive week, a Tokyo-based merchant said, adding lower gold prices and a weak yen that could not stimulate the public interest.

Reports from Rajendra Jadhav in Mumbai, Eileen Soreng and Karen Rodrigues in Bengaluru; edition by Arpan Varghese and Jane Merriman

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