{"id":80595,"date":"2018-06-02T11:46:12","date_gmt":"2018-06-02T11:46:12","guid":{"rendered":"http:\/\/www.bnreport.com\/asia-gold-demand-tepid-as-prices-stuck-in-narrow-range\/"},"modified":"2018-06-02T11:46:12","modified_gmt":"2018-06-02T11:46:12","slug":"asia-gold-demand-tepid-as-prices-stuck-in-narrow-range","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/asia-gold-demand-tepid-as-prices-stuck-in-narrow-range\/","title":{"rendered":"Asia gold demand tepid as prices stuck in narrow range"},"content":{"rendered":"

MUMBAI\/BENGALURU: Gold<\/a> demand in most Asian centres remained sluggish this week with prices stuck in a tight range, while an inauspicious period for buying the yellow metal dampened demand in major consumer India<\/a>. <\/p>\n

"Retail buyers are not making purchases due to Adhik Maas. For the next two weeks demand will remain weak," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata<\/a>. <\/p>\n

Adhik Maas is an extra month in the Hindu calendar that ends on June 13. It is considered inauspicious and people avoid weddings, buying gold or property during the period. <\/p>\n

Dealers in India were offering a discount of up to $4 an ounce over official domestic prices this week, down from a discount of $6 a week ago, the highest since March 24. The domestic price includes a 10 per cent import tax. <\/p>\n

Gold discounts narrowed due to a correction in prices. In the Indian market, gold futures were trading at around 30,726 rupees per 10 grams, after rising to 31,620 rupees last month, their highest since August 2016. <\/p>\n

The recent price correction failed to boost demand as jewellers were waiting for prices to stabilize, said a Mumbai-based dealer with a private bullion-importing bank. <\/p>\n

"The rupee and global prices were quite volatile in last few weeks. Jewellers are struggling to identify the trend," the dealer said. <\/p>\n

The rupee has fallen over 5 per cent so far in 2018, having hit its lowest in more than 1.5 years late last month. <\/p>\n

Demand was lacklustre in other Asian centres as well, with premiums in China<\/a>, the world's top gold consumer, easing for the second straight week to $4-$5 an ounce over the global benchmark<\/a>. This compares with $6-$7 an ounce quoted last week. <\/p>\n

"Demand has been soft without a clear direction in price\u2026 not enough to stimulate selling and a bit high to spur demand," said Cameron Alexander, an analyst with Thomson Reuters-owned metals consultancy GFMS. <\/p>\n

The global benchmark, spot gold, traded in a narrow range this week, just above the 2018 low of $1,281.76 an ounce hit last week. <\/p>\n

"Gold prices are slightly higher this week and those who wanted to buy have already bought last week," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. <\/p>\n

In Singapore, premiums stood at 60 cents versus the 60 cents-to-$1 an ounce range quoted in the previous week. <\/p>\n

Hong Kong premiums remained unchanged at 60 cents-to-$1.30 per ounce range, while gold in Tokyo quoted flat compared with the global benchmark. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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MUMBAI\/BENGALURU: Gold demand in most Asian centres remained..<\/p>\n","protected":false},"author":1,"featured_media":80596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-80595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nAsia gold demand tepid as prices stuck in narrow range - Business News Report<\/title>\n<meta name=\"description\" content=\"MUMBAI\/BENGALURU: Gold demand in most Asian centres remained..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/asia-gold-demand-tepid-as-prices-stuck-in-narrow-range\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia gold demand tepid as prices stuck in narrow range - 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