Asia gold: India returns to premiums as lower prices draw in buyers

Asia gold: India returns to premiums as lower prices draw in buyers

From brecorder.com

Physical gold flipped to premiums in India this week for the first time in nearly three months, as retreating domestic prices along with the central bank’s move to withdraw the country’s highest value currency notes boosted buying. Indian dealers were charging a premium of up to $3 an ounce over official domestic prices — inclusive of the 15% import and 3% sales levies, up from last week’s discount of $5. Local gold prices this week fell to 59,363 rupees ($718.92) per 10 grams, their lowest level since April 3, which boosted retail demand, a New Delhi-based bullion dealer said. Moreover, “demand was good ... (full story)

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