Indian gold demand rises as prices hit four month low
Lower prices sparked an uptick in Indian gold demand this week. Physical buying in China slowed as premiums narrowed to between 14 and 18 dollars.
Gold demand in India saw a slight uptick this week as softer bullion prices attracted some buyers, though many remained cautious and held off for further price drops. Bullion dealers in the country offered discounts of up to $61 per ounce over official domestic gold prices, down from as much as $75 last week. These prices include a 6% import duty and 3% sales tax. Meanwhile, spot gold experienced volatile trading, flitting between $4,100 and $4,600 per ounce. Prices briefly touched a four-month low of $4,097.99 on Monday, pressured by a stronger dollar and growing expectations of hawkish monetary policy in the United States.
