Discounts on physical gold were highest in seven weeks in India as sturdy domestic rates restricted purchases, while premiums in China swung higher this week on some demand optimism flowing from the country's policy measures to support the economy.
The policy-measures to support the economy are expected boost physical gold demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. "China has been consistently adding to its gold reserves for the past 10 months, as part of its efforts to diversify away from the U.S. dollar," said Bernard Sin, regional director, Greater China, at MKS PAMP.
In India, dealers were offering a discount of up to $5 an ounce over official domestic prices — inclusive of the 15 per cent import and 3 per cent sales levies, up from the last week’s discount of $4.
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