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Gold discounts in India widened this week to their highest point in nearly eight months

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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

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Gold Futures Rise To Rs1.55 Lakh As Demand Strengthens

Gold Prices Also Moved Higher Internationally. Gold Futures In New York Advanced 0.40% To $4,394.01 An Bounce, Reinforcing The Positive Trend In Domestic Markets.

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MCX  Gold futures extended their gains supported by firm spot-market demand and fresh buying by market participants.

On the MCX), gold contracts for October delivery rose Rs 676, or 0.44%, to Rs 1,55,182 per 10 grams. Trading volume stood at 1,111 lots.Analysts attributed the rise to the creation of fresh positions by speculators, alongside steady demand in the physical market.

Gold prices also moved higher internationally. Gold futures in New York advanced 0.40% to $4,394.01 an ounce, reinforcing the positive trend in domestic markets.The latest move keeps bullion firmly in focus as traders track physical demand and shifts in speculative positioning for further direction.

On the other hand, crude oil prices corrected but stayed elevated. US WTI crude is volatile but above $82 per barrel and Brent crude is marginally up and near $89 per barrel. Natural gas price plunged by 2.5%, while gasoline prices have also corrected.

Data released last week pointed to tame US inflation, while consumer sentiment and retail sales weakened. Markets now see roughly a one-in-three chance of a Fed rate hike in September, down from nearly 50% before the data. Investors are now awaiting the FOMC’s latest meeting minutes and Fed Chair Kevin Warsh’s speech at the Jackson Hole symposium for further guidance


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