Gold Discounts Narrowed in India as Prices Dipped Further
The retail demand is likely to witness drastic decline on account of closure of retail outlets as lockouts spread to more Indian states.
SEATTLE (Scrap Monster): The discount on gold in India dropped significantly when compared with the prior week. The discounts declined $33 per ounce last week to $6 per ounce over official domestic prices. The rapid decline in discounts is mainly attributed to falling gold prices.
The recent drop in domestic gold prices has triggered purchases by jewellers, although in small quantities. However, retail demand has not picked up yet. The retail demand is likely to witness drastic decline on account of closure of retail outlets as lockouts spread to more Indian states.
Elsewhere, Bangladesh lowered prices of all types of gold, on account of uncertainty over the spread of the epidemic from China to major countries across the globe. The physical demand for gold remained subdued in China and Hong Kong. In China, domestic gold prices ranged between discount of $17 per ounce and premiums of $5 per ounce. In Hon Kong, gold traded at a slight premium of $1 per ounce.
Meantime, Singapore reported increased demand for gold with investors taking advantage of the recent fall in prices from the peak. The premiums too were up when compared with the prior week, sources said.
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