India dealers offer up to $6/oz discounts this week.
| Photo Credit:
ARUN SHARMA
Physical gold demand in India improved slightly this week as a price pullback lifted buying interest among consumers, while activity in other top Asian hubs remained lacklustre.
Gold prices in India closed at ₹99,838 ($1,139.61) per 10 grams on Thursday after hitting a record high of ₹102,250 last week.
“Many retail consumers are waiting for a price correction, but with prices steady around ₹100,000 for the past few months, some buyers have begun purchasing,” said a Mumbai-based jeweller.
Indian dealers offered discounts of up to $6 per ounce to official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, compared with an up to $9 discount to a premium of $2 last week.
Jewellers placed healthy orders with manufacturers at the India International Jewellery Show for the upcoming festival season despite elevated prices, said a Mumbai-based bullion dealer with a private bank.
Indians will celebrate the Dussehra and Diwali festivals in October, when buying gold is considered auspicious.
In top consumer China, bullion changed hands anywhere between discounts of $7 to a $6 premium an ounce over the global benchmark spot price.
“Physical gold demand in Asia remains mixed. The jewellery sector continues to struggle under the weight of high prices… with no new import quotas announced, actual physical demand from Chinese traders appears to be more limited,” said Bernard Sin, regional director of Greater China at MKS PAMP.
“Tariff news sparked and reversed. No major gold relocations or withdrawals were seen.”
US President Donald Trump said on Monday he would not impose tariffs on gold, ending days of speculation that the metal could be caught up in the ongoing global trade spat.
In Hong Kong, gold was sold at par to a premium of $1.60, while in Singapore, gold traded between at-par prices and a $2 premium.
In Japan, bullion was sold at a discount of $0.50 over spot prices, according to a Tokyo-based trader.
Published on August 15, 2025
