Latest news with #HugoPascal
Yahoo
07-06-2025
- Business
- Yahoo
Indian dealers offer steeper discounts as price rally dulls demand
By Rajendra Jadhav and Brijesh Patel (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices.
Reuters
06-06-2025
- Business
- Reuters
Asia Gold: Indian dealers offer steeper discounts as price rally dulls demand
June 6 (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices.
Yahoo
06-06-2025
- Business
- Yahoo
Indian dealers offer steeper discounts as price rally dulls demand
By Rajendra Jadhav and Brijesh Patel (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
30-05-2025
- Business
- Business Recorder
Asia gold: India gold demand lags as prices rise, wedding buying cools
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. 'The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases,' said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. 'Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now,' said Ross Norman, an independent analyst. Gold falls as dollar strengthens ahead of key US inflation data China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. 'Gold bullish bets remain predominant on the SHFE despite lower trading volume,' said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
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Business Standard
30-05-2025
- Business
- Business Standard
India's gold demand lags as wedding season ends, high prices deter buyers
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around Rs 94,900 per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
