Gold demand moderated this week after local prices recovered from a five-month trough, while buyers in other major hubs were also put off by a slight uptick in prices.
Jewelers made substantial purchases last month to replenish inventory, said a Kolkata-based bullion dealer, adding "a sudden price rise has been confusing jewelers. They are waiting for a clear direction.” The dealers were charging a premium of $3.5 an ounce over official domestic prices this week, inclusive of 12.5 per cent import and 3 per cent sales levies, down from last week's premium of $5. Neighbouring Bangladesh cut prices for all categories of gold for the second time in little over a week due to weak demand, Jewellers' Association said.
The new rates, with the best quality gold priced at 72,667 taka ($863.23) per Bhori, or 11.664 grams, came into effect from Wednesday. In China, gold was sold at a discount of $20 an ounce to the international spot price versus last week's $17-$20. In Hong Kong, the metal was sold at a premium of $0.50-$1.50.
0 Comments