Gold prices in India drop $12 per ounce
Business
Gold prices in India just flipped from big premiums to discounts—now down by $12 per ounce after last week's $70 premium.
Even with lower making charges, most people aren't rushing to buy jewelry at around ₹154,000 ($1,697) per 10gm, especially since prices recently dipped as low as ₹133,687.
Gold demand in Asia ahead of Lunar New Year
Dealers and jewelers have largely stayed away from purchases from banks, anticipating that the government will allocate around 80 metric tons of gold imports from the UAE at concessional duty this month.
Meanwhile, China's gold demand is picking up ahead of Lunar New Year, and other Asian markets like Hong Kong and Singapore are seeing mixed trends with small discounts or premiums.