National News
India’s gold demand improves as prices dip
Gold demand in India saw a slight improvement towards the week’s end as prices fell from record highs, yet remained below normal levels. Discounts in China persisted due to low activity, and India’s imports are predicted to drop significantly by 85 per cent in February. Meanwhile, gold trades in Singapore, Hong Kong, and Japan show varying premiums and discounts.
India’s gold demand improved in the second half of this week but remained lower than normal as prices retreated from all-time-high levels, while traders continued to offer discounts in China as activity remained lacklustre. Domestic gold prices were trading around 84,750 rupees per 10 grams on Friday after hitting a record high of 86,592 rupees last week.
Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from the last week’s discount of $35.
National News
Domestic precious metal markets record steady retail pricing
Despite Friday’s modest rebound, gold remains on track for a weekly decline of 4.6% amid market concerns over potential U.S. Federal Reserve rate hikes and inflationary pressures
Domestic precious metal markets recorded steady retail pricing across major Indian metropolitan centers today, following global market fluctuations driven by international interest rate expectations and crude oil trends.
In the domestic bullion market, benchmark gold bullion traded at ₹1,37,310 per 10 grams, while silver stood at ₹1,77,260 per kilogram as of morning market hours.
Global Market Context
On the international front, spot gold saw a marginal uptick of 0.1% to reach $3,882.09 per ounce, recovering slightly after touching a 13-month low in the previous session. Despite Friday’s modest rebound, gold remains on track for a weekly decline of 4.6%—its steepest weekly drop since early June—amid market concerns over potential U.S. Federal Reserve rate hikes and inflationary pressures from rising oil prices. Meanwhile, spot silver declined by 1.74%, platinum edged lower, and palladium posted gains.
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