Gold price discount in India soars to over a month's high
Notwithstanding the current volatility in gold prices, the yellow metal is up over 25 per cent so far this year
- Aug 23, 2020,
- Updated Aug 23, 2020 5:18 PM IST
Discounts on physical gold in India surged to over a month high in the wake of tepid demand and more imports. Physical gold dealers in the country offered discounts of up to $20 an ounce against official domestic rates in comparison to $2 premiums last week, Reuters reported.
Domestic prices of the yellow metal in India comprise 3 per cent GST and 12.5 per cent import. Meanwhile, the October gold futures fell 0.3 per cent to Rs 52,001 per 10 gram in the futures market on Friday.
Furthermore, the prices of the yellow metal mostly remained flat on a week-on-week comparison basis. However, gold prices are down by over Rs 4,000 per 10 gram from its highs of around Rs 56,200 it touched on August 7.
Discounts on physical gold in India surged to over a month high in the wake of tepid demand and more imports. Physical gold dealers in the country offered discounts of up to $20 an ounce against official domestic rates in comparison to $2 premiums last week, Reuters reported.
Domestic prices of the yellow metal in India comprise 3 per cent GST and 12.5 per cent import. Meanwhile, the October gold futures fell 0.3 per cent to Rs 52,001 per 10 gram in the futures market on Friday.
Furthermore, the prices of the yellow metal mostly remained flat on a week-on-week comparison basis. However, gold prices are down by over Rs 4,000 per 10 gram from its highs of around Rs 56,200 it touched on August 7.