Gold premiums within the country jumped to their highest in nearly three months in the week , as jewellers continued to refill on hopes of more customers visiting stores because the festive season gathers pace.
Dealers charged premiums of $5 an oz in the week over official domestic prices, inclusive of 12.5 per cent import and three per cent sales taxes, versus the $1 premiums last week.
Jewellers are banking on festive-season buying for a revival in demand and are offering lower prices, said a Mumbai-based dealer with a bullion importing bank.
However inventory “levels on the streets” have reduced as some companies, including wholesalers, take over old precious metals, possibly to export at a later stage.
In Singapore, premiums were unchanged at $0.80-$1.20 an oz .
“We’ve seen a touch more of selling when prices were higher, but buying was quiet… Retail clients are selling,” said Brian Lan, director at dealer GoldSilver Central.
Japanese gold was sold from flat to a $0.50 an oz premium.
