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Lower gold prices fail to spark post-Diwali lull in demand

Prices in India were at premium of up to $3 an ounce over official domestic prices this week, up from $2 last week

Reuters  |  Bengaluru/Mumbai 

The physical gold market remained quiet in most Asian centres this week despite a drop in prices with India witnessing a lull in fresh purchases as key festival season demand cooled off in the world's second biggest consumer. Gold prices in India slipped to 29,209 rupees per 10 grams on Friday, the lowest level in about two months. Prices in India were at a premium of up to $3 an ounce over official domestic prices this week, up from $2 last week. The slight increase in premiums was due to traders looking to cover for purchases made when rates were higher. "After ...

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First Published: Fri, October 27 2017. 21:37 IST
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