-
Asia gold: Indian dealers offer hefty discounts as high prices dent sales
Physical gold dealers in India offered the steepest discounts in 10 months this week to lure customers, as a sharp rally in local prices squeezed demand in the world’s second-biggest bullion consumer. Local gold prices hit an all-time high of 57,125 rupees ($700.02) per 10 grams this week, forcing dealers to offer discounts of as much as $42 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, versus a discount of $24 last week. “Consumers are struggling to adjust with higher prices. Demand is very weak for the past few weeks even as the wedding season has started,” said ... (full story)