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Asia Gold: Elevated local prices dent retail demand in India
Physical gold dealers in India offered discounts for a fourth consecutive week as consumers shied away from making purchases due to higher domestic prices, while top consumer China also saw muted demand. In India, this week, dealers offered a discount of up to $9 an ounce over official domestic prices — inclusive of the 15% import and 3% sales levies, up from last week’s discount of $5. “The market was cruising along pretty nicely in the first half of October, but then the price hike came along and threw a wrench in the works. Now, we’re seeing demand lower than usual,” said Amit Modak, CEO at jeweller PN ... (full story)