{"id":1008861,"date":"2018-09-14T17:01:32","date_gmt":"2018-09-14T17:01:32","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=1008861"},"modified":"2018-09-14T17:01:32","modified_gmt":"2018-09-14T17:01:32","slug":"asia-gold-india-shifts-to-discount-buying-tapers-off-elsewhere-as-prices-gain-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1008861","title":{"rendered":"Asia Gold-India shifts to discount; buying tapers off elsewhere as prices gain"},"content":{"rendered":"

By Reuters<\/a><\/span> <\/p>\n

MUMBAI\/BENGALURU, Sept 14 (Reuters) \u2013 Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.<\/p>\n

In India, the world’s second-biggest consumer of the metal after China, gold was being sold at a discount of up to $2 an ounce over official domestic prices this week, compared with a premium of $1 last week. The domestic price includes a 10 percent import tax.<\/p>\n

“The market lost momentum due to the price rise. Buyers are waiting for prices to fall below $1,200,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.<\/p>\n

In the Indian market, gold futures were trading around 30,607 rupees per 10 grams on Friday afternoon, up more than 4 percent from their lowest level in seven months hit on Aug. 17.<\/p>\n

“As the rupee started appreciating in the last few days, jewellers are taking a pause,” said a Mumbai-based dealer with a private bank.“As the rupee started appreciating in the last few days, jewellers are taking a pause.” <\/q><\/p>\n

The Indian rupee was trading around 71.93 after hitting a record low of 72.92 per dollar earlier this week.<\/p>\n

Meanwhile, premiums in China have ranged between $3 and $6 an ounce this week, versus last week’s $6-$7, traders said.<\/p>\n

“There was some buying when prices fell below $1,200 but now it’s pretty quiet. We don’t see too many people chasing at the current levels,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.<\/p>\n

Benchmark spot gold prices have risen about 4 percent from a 19-month low of $1,159.96 hit on Aug. 16.<\/p>\n

“There was some physical buying in China on Friday after a slow week and premiums firmed to around $6,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.<\/p>\n

In Hong Kong, premiums were around 70 cents to $1.30 against the global benchmark, as against $0.90 to $1.40 an ounce previously.<\/p>\n

Premiums in Singapore were seen between $0.80 and $1.20, as against a range of $0.70 and $1.50 earlier.<\/p>\n

“The first two days of the week when prices were relatively unchanged, demand was normal. But after prices stabilised over $1,200, people stopped buying,” a Singapore-based dealer with a bank said.<\/p>\n

In Japan, premiums fell to 30 cents from last week’s 50 cents as domestic prices firmed, a Tokyo-based trader said.<\/p>\n

(Reporting by Vijaykumar Vedala, Nallur Sethuraman and Rajendra Jadhav; Editing by Mark Potter)<\/em><\/p>\n

The post Asia Gold-India shifts to discount; buying tapers off elsewhere as prices gain<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Reuters MUMBAI\/BENGALURU, Sept 14 (Reuters) \u2013 Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand. In India, the world’s second-biggest […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1008861"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1008861"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1008861\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1008861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1008861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1008861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}