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January 4, 2025Gold demand lags in India; China premiums rise ahead of Chinese New Year
This week gold discounts in India remained steady as elevated prices kept buyers away. But Chinese dealers charged higher premiums in anticipation of stronger demand ahead of the upcoming Chinese New Year.
Indian dealers offered a discount of up to $14 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, unchanged from last week. Domestic gold prices rose to 77,947 rupees per 10 grams on Friday, after falling to 75,459 rupees last month. The Hindu month of Khar Mass is considered to be an inauspicious period to buy gold.
In China, the world’s top gold consumer, dealers quoted premiums of $4.50 to $10 per ounce above spot prices , up from the $2 to $5 range last week. While jewellery sales in the region are slowing according to sales figures reported by leading retailers, physical bullion demand is compensating, reflecting good demand for investment, over adornment.
