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GST: Dealer discounts a month after weak demand push Gold prices down

Bullion dealers in India offered a discount of up to $1.20 an ounce

Reuters  |  Mumbai | Bengaluru 

Gold demand fell in India this week, with dealers offering a discount for the first time in one month despite a correction in local prices as consumers advanced purchases in June before the rollout of a new nationwide sales tax. Elsewhere in Asia, a spurt in buying was short-lived as global prices recovered from near four-month lows hit on Monday. Bullion dealers in India offered a discount of up to $1.20 an ounce this week over official domestic prices, compared with a premium of $2.00 last week. The domestic price includes a 10 percent import tax. Consumers bought more gold ...

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First Published: Fri, July 14 2017. 19:22 IST
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