Gold demand in India slows, Lunar New Year fuels interest in other hubs
Gold discounts in India rose this week as consumers refrained from buying as local prices hit a month's high, whereas the upcoming Lunar New Year festival stimulated gold buying activity in other major Asian markets.
Indian dealers offered a discount of up to $17 an ounce to official domestic prices, inclusive of 6% import and 3% sales levies, up from the last week's discount of $14 an ounce.
«Prices are high, so buyers are holding off on purchases. Anyway, the inauspicious Khar Mass (month in Hindu calendar) is still going on,» an Ahmedabad-based jeweller said.
In India, domestic prices rose to 78,360 ($912.41)rupees per 10 grams on Friday after falling to 75,459 rupees last month.
Jewellers were on the sidelines due to volatility in the Indian rupee and overseas gold prices, said a Mumbai-based bullion dealer with a private bank.
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