Gold in India up 57% YoY to ₹152,600 per 10g
Business
Gold just got a lot pricier in India: spot prices are up 57% from last year, reaching around 152,600 rupees ($1,614) per 10gm.
Even with wedding season in full swing (usually peak gold-buying time), people are holding back.
Dealers are now offering bigger discounts (up to $15 an ounce) to tempt buyers.
As one Hyderabad jeweler put it, "Higher prices are severely affecting purchases."
Bank tax threatens India gold imports
India's gold imports for April could drop to a near 30-year low thanks to surprise tax demands on banks.
Meanwhile, China is still buying strong due to inflation worries and global uncertainty, keeping premiums steady there.
Globally, gold prices rose this week, while local factors like holidays and economic jitters are shaping the market in each country.