{"id":845529,"date":"2018-07-13T18:29:25","date_gmt":"2018-07-13T18:29:25","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=845529"},"modified":"2018-07-13T18:29:25","modified_gmt":"2018-07-13T18:29:25","slug":"asia-gold-buying-picks-up-in-india-on-low-prices-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=845529","title":{"rendered":"Asia Gold-Buying picks up in India on low prices"},"content":{"rendered":"

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

MUMBAI\/BENGALURU, July 13 (Reuters) \u2013 Demand for physical gold in India picked up this week as prices fell to a five-month low, but buyers in other major centres in Asia awaited a bigger correction before placing orders, traders and analysts said.<\/p>\n

“In last few days the rupee and international prices are moving in favour of buyers. Jewellers are placing orders,” said a Mumbai-based dealer with a private gold-importing bank.<\/p>\n

The rupee rose to its highest in a fortnight on Friday, rebounding from last month’s record low.<\/p>\n

In the Indian market, gold futures were trading around 30,096 rupees per 10 grams, after falling to 30,072 rupees earlier in the day, the lowest level since Feb. 14.<\/p>\n

Dealers in India were charging a premium of up to $1.5 an ounce over official domestic prices this week, unchanged from the last week. The domestic price includes a 10 percent import tax.<\/p>\n

“Prices have come down but the correction is not attracting investment demand. Prices need to fall to 28,000 rupees to bring back investors,” said Bachhraj Bamalwa, a bullion dealer based in the eastern city of Kolkata.“Prices need to fall to 28,000 rupees to bring back investors.”<\/q><\/p>\n

India’s gold imports fell for a sixth month in June to 44 tonnes as a drop in the rupee to record lows lifted local prices to a near 21-month high, curtailing demand.<\/p>\n

Imports in July could rise to 60 tonnes if prices remain at current levels, the dealer at the private bank said.<\/p>\n

In top consumer China, premiums of $1-$4 an ounce were being charged over the international benchmark versus $2-$5 an ounce last week.<\/p>\n

“The weak yuan is affecting demand \u2026 Other investment areas are more favourable than gold, especially amidst a trend of higher interest rates,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.<\/p>\n

Premiums in Hong Kong were between 60 cents and $1.30, mostly unchanged from last week.<\/p>\n

In Singapore, premiums were quoted between 80 cents and $1.50, compared with 50 cents-$1 last week.<\/p>\n

“Suppliers are trying to compensate for the low volumes by increasing their premium,” said Joshua Rotbart, managing partner at J. Rotbart & Co in Hong Kong.<\/p>\n

Spot gold prices were down 1 percent so far this week.<\/p>\n

“Physical markets in Asia have been a little underwhelming \u2026 There was a bit of buying action below $1,250 but that hasn’t maintained,” said Cameron Alexander, an analyst with Thomson Reuters-owned metals consultancy GFMS.<\/p>\n

“Investors may be looking for another leg down which is still surprising given that we have seen the (Sino-U.S.) trade war only ramping up.”<\/p>\n

In Tokyo, premiums were unchanged at around 50 cents.<\/p>\n

(By Rajendra Jadhav and Apeksha Nair; Additional reporting by Arpan Varghese; Writing by Nallur Sethuraman; Editing by Sunil Nair)<\/em><\/p>\n

The post Asia Gold-Buying picks up in India on low prices<\/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, July 13 (Reuters) \u2013 Demand for physical gold in India picked up this week as prices fell to a five-month low, but buyers in other major centres in Asia awaited a bigger correction before placing orders, traders and analysts said. “In last few days the rupee and international prices are moving in […]<\/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\/845529"}],"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=845529"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/845529\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=845529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=845529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=845529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}