National News
Gold discounts in India widened this week to their highest point in nearly eight months
Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.
Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.
India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium
National News
Precious Metals Faced Mixed Signals Markets Digest Fed Stance and Geopolitical Risks
Precious metals faced mixed signals on Thursday as investors evaluated central bank policy alongside currency movements and geopolitical friction. While international gold saw light pressure from a firm US dollar, domestic prices in India remained tempered by a resilient rupee, which reduced landed import costs.
Gold and silver prices were volatile on the MCX on Thursday (30 July) morning amid an uptick in the US dollar and 10-year bond yields after the US Federal Reserve maintained rates steady. MCX gold August futures were almost flat at Rs 1,41,856 per 10 grams, while MCX silver September futures were 0.51% down at Rs 2,16,376 per kg.
Investors continue to keep a close eye on US-Iran tensions and supply route security in the Strait of Hormuz. However, the primary catalyst remains the Federal Reserve.
After the Fed held interest rates steady, market perception shifted. traders had priced in a firmer anti-inflation stance; the Fed’s measured tone effectively lowered real-yield fears, reviving demand for non-yielding bullion.
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