Asia Gold
Stephen Innes
Physical gold was sold at a discount in India this week for the first time in three weeks as demand for the metal slumped due to a jump in local rates   while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia . Demand was down to a quarter its usual levels as buyers were deterred by a recent price rise   said Harshad Ajmera   the owner of JJ Gold House   a wholesaler in the Indian city of Kolkata . In the local market   gold was trading around 30   810 rupees per 10 grams   after hitting a 15 - month high of 30   836 rupees hit earlier on Friday . Dealers in India were offering a discount of up to $ 3 an ounce on Friday over official domestic prices   compared to a premium of $ 1 . 50 last week . Jewellers were waiting for a correction in prices before stocking up inventories   a Mumbai - based dealer with a private bank said . Gold demand in India was likely to remain below its 10 - year average for a third year in 2018 as higher taxes and new transparency rules on purchases were expected to cap last year ’ s rebound in buying   the World Gold Council ( WGC ) said this month . India ’ s gold imports in January dropped 37 percent from a year ago to their lowest in 17 months . Demand in rest of Asia picked up in the first half of the week as people bought gold ahead of Lunar New Year . “ It was a little bit later than expected . But people were happy to see the demand coming in finally ahead of the Lunar New Year . There was solid demand for restocking from jewellers  ” said  Stephen Innes   APAC head of trading at Oanda  . “ Jewellers were reporting good sales from Valentines Day and it stayed on for the New Year  ”  he  said . Premiums in China eased to $ 3 -$ 4 an ounce from about $ 7 -$ 8 at beginning of the week . Gold prices edged higher on Friday   heading for their biggest weekly percentage gain in nearly two years . Traders expected demand to be low going forward as a week - long Lunar New Year holiday started on Thursday . In Japan   gold was sold in a range of par with the benchmark and a 10 cent premium as demand rose after yen strengthened in the week   a Tokyo - based trader said . ( Reporting by Nallur Sethuraman and Nithin Prasad in Bengaluru   Rajendra Jadhav in Mumbai ; Editing by Edmund Blair )
Physical gold was sold at a discount in India this week for the first time in three weeks as demand for the metal slumped due to a jump in local rates   while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia . Demand was down to a quarter its usual levels as buyers were deterred by a recent price rise   said Harshad Ajmera   the owner of JJ Gold House   a wholesaler in the Indian city of Kolkata . In the local market   gold was trading around 30   810 rupees per 10 grams   after hitting a 15 - month high of 30   836 rupees hit earlier on Friday . Dealers in India were offering a discount of up to $ 3 an ounce on Friday over official domestic prices   compared to a premium of $ 1 . 50 last week . Jewellers were waiting for a correction in prices before stocking up inventories   a Mumbai - based dealer with a private bank said . Gold demand in India was likely to remain below its 10 - year average for a third year in 2018 as higher taxes and new transparency rules on purchases were expected to cap last year ’ s rebound in buying   the World Gold Council ( WGC ) said this month . India ’ s gold imports in January dropped 37 percent from a year ago to their lowest in 17 months . Demand in rest of Asia picked up in the first half of the week as people bought gold ahead of Lunar New Year . “ It was a little bit later than expected . But people were happy to see the demand coming in finally ahead of the Lunar New Year . There was solid demand for restocking from jewellers  ” said  [TGT]   APAC head of trading at Oanda  . “ Jewellers were reporting good sales from Valentines Day and it stayed on for the New Year  ”  he  said . Premiums in China eased to $ 3 -$ 4 an ounce from about $ 7 -$ 8 at beginning of the week . Gold prices edged higher on Friday   heading for their biggest weekly percentage gain in nearly two years . Traders expected demand to be low going forward as a week - long Lunar New Year holiday started on Thursday . In Japan   gold was sold in a range of par with the benchmark and a 10 cent premium as demand rose after yen strengthened in the week   a Tokyo - based trader said . ( Reporting by Nallur Sethuraman and Nithin Prasad in Bengaluru   Rajendra Jadhav in Mumbai ; Editing by Edmund Blair )