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Soaring prices dull Akshaya Tritiya festival lure in India
Soaring prices dull Akshaya Tritiya festival lure in India
High domestic gold prices restrained physical gold demand across Asian regions this week, prompting Indian dealers to offer discounts of $16 per ounce at 20% below normal rates. The Akshaya Tritiya— the second-biggest gold-buying festival— is not expected to offer much respite either. While some activity is forecast in Hong Kong during the May 1-3 break, China experienced small premiums of $1-$6 per ounce, compared to $40 per ounce last month. Singapore's market charged $1.20-$2.20 above international benchmark spot rates, while Indian gold prices reached 60,072 Indian Rupees per 10 grams.
High domestic gold prices restrained physical gold demand across Asian regions this week, prompting Indian dealers to offer discounts of $16 per ounce at 20% below normal rates. The Akshaya Tritiya— the second-biggest gold-buying festival— is not expected to offer much respite either. While some activity is forecast in Hong Kong during the May 1-3 break, China experienced small premiums of $1-$6 per ounce, compared to $40 per ounce last month. Singapore's market charged $1.20-$2.20 above international benchmark spot rates, while Indian gold prices reached 60,072 Indian Rupees per 10 grams.
High domestic gold prices restrained physical gold demand across Asian regions this week, prompting Indian dealers to offer discounts of $16 per ounce at 20% below normal rates. The Akshaya Tritiya— the second-biggest gold-buying festival— is not expected to offer much respite either. While some activity is forecast in Hong Kong during the May 1-3 break, China experienced small premiums of $1-$6 per ounce, compared to $40 per ounce last month. Singapore's market charged $1.20-$2.20 above international benchmark spot rates, while Indian gold prices reached 60,072 Indian Rupees per 10 grams. 
