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Indian gold jewellers stock up with eye on festive demand

Reuters  |  BENGALURU/MUMBAI 

By Swati Verma and Rajendra Jadhav

BENGALURU/(Reuters) - prices in were at a premium this week as jewellers raised purchases ahead of a key festival, while higher prices kept bullion in check elsewhere in

In the last week of April, Indians will celebrate Akshaya Trititya festival, when buying is considered auspicious.

"Jewellers are anticipating good retail during Akshaya Trititya. They are quite active in the market this week," said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.

Dealers in India, the world's second-largest market, were charging a premium of up to $1 an ounce this week over official domestic prices, compared to a discount of $1 last week. The domestic price includes a 10 percent import tax.

"The is expected to go up in rural areas due to good monsoon rains. That's why we have seen good (gold) imports in the last three months," said a Mumbai-based bank dealer with a private bank.

In the local market futures were trading around 29,257 rupees per 10 grams on Thursday, up nearly 5 percent in five weeks.

"in is definitely picking up but in rest of is slow as prices have moved up ... people are selling more than buying," said a Singapore-based banker.

The benchmark spot price was at its highest level for over five months earlier this week, boosted by political tensions over North Korea and uncertainty ahead of the French presidential election.

Premiums in top consumer China came down to $3-4 an ounce over the international benchmark from $6-$7 an ounce last week.

"Physical in has been quiet this week ... There is not so much interest in the market especially with prices heading towards $1,300," said Ronald Leung, chief dealer at Lee Cheong Dealers in Hong Kong.

Hong Kong premiums were quoted at around 60 to 90 cents, unchanged from last week.

Prices in Japan continued to remain at a discount of 50 cents due to limited market liquidity, a Tokyo-based trader said.

(Reporting by Swati Verma in Bengaluru; Editing by Greg Mahlich)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Indian gold jewellers stock up with eye on festive demand

BENGALURU/MUMBAI (Reuters) - Gold prices in India were at a premium this week as jewellers raised purchases ahead of a key festival, while higher prices kept bullion demand in check elsewhere in Asia.

By Swati Verma and Rajendra Jadhav

BENGALURU/(Reuters) - prices in were at a premium this week as jewellers raised purchases ahead of a key festival, while higher prices kept bullion in check elsewhere in

In the last week of April, Indians will celebrate Akshaya Trititya festival, when buying is considered auspicious.

"Jewellers are anticipating good retail during Akshaya Trititya. They are quite active in the market this week," said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.

Dealers in India, the world's second-largest market, were charging a premium of up to $1 an ounce this week over official domestic prices, compared to a discount of $1 last week. The domestic price includes a 10 percent import tax.

"The is expected to go up in rural areas due to good monsoon rains. That's why we have seen good (gold) imports in the last three months," said a Mumbai-based bank dealer with a private bank.

In the local market futures were trading around 29,257 rupees per 10 grams on Thursday, up nearly 5 percent in five weeks.

"in is definitely picking up but in rest of is slow as prices have moved up ... people are selling more than buying," said a Singapore-based banker.

The benchmark spot price was at its highest level for over five months earlier this week, boosted by political tensions over North Korea and uncertainty ahead of the French presidential election.

Premiums in top consumer China came down to $3-4 an ounce over the international benchmark from $6-$7 an ounce last week.

"Physical in has been quiet this week ... There is not so much interest in the market especially with prices heading towards $1,300," said Ronald Leung, chief dealer at Lee Cheong Dealers in Hong Kong.

Hong Kong premiums were quoted at around 60 to 90 cents, unchanged from last week.

Prices in Japan continued to remain at a discount of 50 cents due to limited market liquidity, a Tokyo-based trader said.

(Reporting by Swati Verma in Bengaluru; Editing by Greg Mahlich)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Indian gold jewellers stock up with eye on festive demand

By Swati Verma and Rajendra Jadhav

BENGALURU/(Reuters) - prices in were at a premium this week as jewellers raised purchases ahead of a key festival, while higher prices kept bullion in check elsewhere in

In the last week of April, Indians will celebrate Akshaya Trititya festival, when buying is considered auspicious.

"Jewellers are anticipating good retail during Akshaya Trititya. They are quite active in the market this week," said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.

Dealers in India, the world's second-largest market, were charging a premium of up to $1 an ounce this week over official domestic prices, compared to a discount of $1 last week. The domestic price includes a 10 percent import tax.

"The is expected to go up in rural areas due to good monsoon rains. That's why we have seen good (gold) imports in the last three months," said a Mumbai-based bank dealer with a private bank.

In the local market futures were trading around 29,257 rupees per 10 grams on Thursday, up nearly 5 percent in five weeks.

"in is definitely picking up but in rest of is slow as prices have moved up ... people are selling more than buying," said a Singapore-based banker.

The benchmark spot price was at its highest level for over five months earlier this week, boosted by political tensions over North Korea and uncertainty ahead of the French presidential election.

Premiums in top consumer China came down to $3-4 an ounce over the international benchmark from $6-$7 an ounce last week.

"Physical in has been quiet this week ... There is not so much interest in the market especially with prices heading towards $1,300," said Ronald Leung, chief dealer at Lee Cheong Dealers in Hong Kong.

Hong Kong premiums were quoted at around 60 to 90 cents, unchanged from last week.

Prices in Japan continued to remain at a discount of 50 cents due to limited market liquidity, a Tokyo-based trader said.

(Reporting by Swati Verma in Bengaluru; Editing by Greg Mahlich)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22