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Jewellers shy away as India gold prices touch near 15-month highs

Gold demand in major hubs in Asia remained dull as most markets were shut for the Lunar New Year holidays

Reuters  |  Bengaluru | Mumbai 

High local prices hit physical gold demand in India this week while activity in most other Asian centres remained subdued due to the Lunar New Year holiday. In India, the second-biggest consumer of the metal after China, local gold prices were trading near a 15-month high of 30,839 rupees touched last week, denting the appetite of jewellers. "Sentiment is weak. Jewellers are not comfortable buying at current price levels," said Mukesh Kothari, director at bullion dealer RiddiSiddhi Bullions in Mumbai. Dealers in India were offering a discount of up to $2 an ounce ...

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First Published: Fri, February 23 2018. 16:33 IST