Gold Demand Remains Sluggish in India, China
Breaking News
1. Massive fire at Varanasi railway station parking, over 200 vehicles gutted      2. First Sambhal, Then Ajmer: Ex-CJI Chandrachud Under Fire For ‘Opening Floodgates’ Of Survey Pleas      3. Chennai Airport Shut, Trains Hit As Cyclone Fengal Intensifies      4. 2nd Hindu Priest Arrested In Bangladesh Amid Protests: ISKCON Member      5. Man climbs mobile tower in Kota, threatens suicide over his tractor seizure      6. Body of 2-year-old, his grandmother recovered from river in Manipur      7. Bodies of six abducted in Jiribam found; Kerala CM and UDF leaders argue over BJP defection      8. Several flights, trains disrupted as Delhi covered in smog, visibility down      9. Delhi air quality: AQI at this Delhi station above 1500      10. Pawan Kalyan condemns deaths of 2 Hindu girls in Pakistan who faced ‘atrocities’      11. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      12. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      13. Samosas, cakes meant for Himachal Pradesh CM Sukhu served to his security staff instead; CID probe on      14. We remain undeterred: Australian outlet on Canada's ban after Jaishankar presser      15. 'We Are Here Only As Pilgrims, Do Our Work & Leave': CJI DY Chandrachud Bids Farewell To Supreme Court      16. PM Narendra Modi slams NC-Cong's Article 370 resolution: 'Conspiracy against Kashmir'      17. IPL Auction: James Anderson registers for first time      18. Sharda Sinha dies: Huma Qureshi, Manoj Bajpayee, and others grieve singer's death      19. Man shot in gang war outside Raipur jail, sparks outrage over security lapses      20. After MK Stalin, Udhayanidhi warns Vijay, TVK: Only DMK will win in 2026     

Gold Demand Remains Sluggish in India, China

  • Posted on June 29, 2024
  • News
  • By Arijit Dutta
  • 114 Views

Gold demand remains weak in India and China due to high prices. Indian buyers await potential import duty cuts in the upcoming budget. Dealers offer discounts in India, while premiums decrease in China. Other Asian markets show mixed trends.

1719654573-GCfIIk735V.png

Demand in India, the second-biggest consumer in the world, remained weak as consumers continued to hold back due to high prices and expectations of a possible import duty cut in next month's budget, dealers said. Indian dealers offered discounts of up to $9 per ounce over official domestic prices, better than last week's $13 discount.

Key Points:

- Indian gold prices not far from May's record high of 71,600 rupees per 10 grams, down from May's record high of 74,442 rupees.

Those monitoring the situation estimate that some jewelers are deferring purchases and waiting for a reduction in import duty.

- Rural demand remains tepid as farmers are busy sowing summer crops.

In China, the top gold consumer, it moderated demand.

Also Read: MCX Gold Futures Decline, Crude Oil Down due to Global Economy Fears

Dealer premiums slid to $12-$23 per ounce over global spot prices from $18-$25 a week ago.

- High prices have reduced retail consumption to a great extent.

Other Asian markets:

-Japan: Gold sold at par to $0.5 premiums; the market was quiet due to the weak yen.

-Singapore and Hong Kong: premiums ranged from par to $2.10. Analysts also forecast that demand from China would improve towards the end of the third quarter with the festive season coming.

Author
No Image
Author
Arijit Dutta

You May Also Like