Asia gold price fluctuation dampens demand in India
Gold demand in India remained subdued this week as volatile prices prompted potential buyers to delay purchases, while higher rates across China are expected to potentially offset upcoming seasonal demand.
After gold prices became highly volatile over the past two weeks, buyers are now adopting a wait-and-see approach, hoping for prices to decline further, said a Chennai-based jeweller.
In India, domestic prices fell to Rs 75,459 ($887.28) per 10 grams earlier this week after rising to Rs 79,120 last week.
Indian dealers this week offered a discount of up to $8 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $9.
«Jewellers stayed on the sidelines this week, waiting for the Federal Reserve's interest rate cut. They were later surprised by the rupee dropping to a record low,» said a Mumbai-based dealer with a private bullion importing bank.
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