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
MCX Sees Broad Pullback Across Precious Metals
International Spot Prices Mirrored This Weakness, As COMEX Gold Slipped 0.90% To Approximately $4,401.90 Per Troy Ounce, While Global Spot Gold Dropped $32 To Trade Near $4,393.97 Per Ounce.
A stronger-than-expected US employment report drove a broad pullback across precious metals markets on Monday, lowering rate-cut expectations and lifting Treasury yields. On the Multi Commodity Exchange (MCX), gold futures for October opened gap-down at Rs 1,52,279 per 10 grams before sliding further to an intraday low of Rs 1,51,850. The December contract similarly lost ground, dropping 0.51% to trade around Rs 1,53,372 per 10 grams across 8,519 lots. Technical analysis indicates that while domestic gold continues to trade above its 50-day EMA, an RSI reading of 47.02 confirms softer momentum.
Technical levels show immediate support sitting between Rs 1,50,700 and Rs1,50,000 near the 100-day EMA, with secondary support at Rs 1,48,000 to Rs 1,47,300, while resistance remains capped between Rs 1,53,700 and Rs 1,54,000.
Silver tracked the downward trend on the domestic exchange, with December futures opening lower at Rs 2,37,176 per kg and touching an intraday low of Rs 2,36,827 per kg before paring a fraction of those losses. International spot prices mirrored this weakness, as COMEX gold slipped 0.90% to approximately $4,401.90 per troy ounce, while global spot gold dropped $32 to trade near $4,393.97 per ounce.
In the physical spot market, 24-carat gold quoted at Rs 1,54,300 per 10 grams in both Delhi and Mumbai, while Kolkata and Chennai saw slightly lower rates at Rs 1,54,150 per 10 grams. For 22-carat gold, prices stood at Rs 1,41,450 in Delhi, Rs 1,43,600 in Mumbai, and Rs 1,41,300 in Kolkata and Chennai. Physical silver prices held firm at Rs 2,50,000 per kg across Delhi, Mumbai, and Kolkata, while buyers in Chennai paid a higher rate of Rs 2,55,000 per kg.
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