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Higher prices, less discounts keep gold's demand subdued

Dealers were offering a discount of up to $6 an ounce this week

Reuters  |  Mumbai 

Higher prices kept demand for gold subdued in Asia this week while recent import restrictions in India prompted dealers to cut down on hefty discounts that were being offered over the past couple of weeks. In India, fresh purchases were limited as local prices jumped to as high as 29,937 per 10 grams earlier this week, the highest level in nearly 10 months. "People are struggling to digest the sudden price rise. Buyers are on the sidelines, expecting a correction in prices," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city ...

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First Published: Fri, September 01 2017. 15:59 IST