Gold demand in India picked up slightly this week ahead of a key festival, although elevated
prices weighed on sentiment, while premiums in China narrowed
as retail demand slowed.
Akshaya Tritiya, the second-biggest gold-buying festival in
India after Dhanteras when buying gold is considered auspicious,
will be celebrated on April 19.
“Retail buyers have started making bookings for the Akshaya
Tritiya festival, but footfalls are far lower than normal. They
are struggling to adjust to higher prices,” said an Ahmedabad,
Gujarat state-based jeweller.
Domestic gold prices in India were trading around
152,800 rupees ($1,651.98) per 10 grams on Friday after rising
to a three-week high of 154,934 rupees earlier this week.
Dealers quoted discounts
and premiums of $9 an ounce over official domestic prices this
week, inclusive of 6% import and 3% sales levies, compared with
last week’s discounts of up to $8 an ounce and premiums of $2.
“Ahead of Akshaya Tritiya, jewellers usually make healthy
purchases, but this year their buying is negligible. The
atmosphere doesn’t suggest the festival is approaching,” said a
Mumbai-based bullion dealer with a private bank.
In top consumer China, bullion traded at premiums of $3 to
$5 an ounce over the global benchmark price
week, lower than last week’s premiums of $12-$17.
Chinese premiums narrowed sharply due to softer retail
demand and expectations of quota loosening, said Bernard Sin,
regional director of Greater China at MKS PAMP.
Meanwhile, China’s central bank stayed the course on gold
purchases for a 17th consecutive month.
“Despite global price weakness, the central bank’s buying
supported sentiment… Jewellery demand remains weak, down about
25% year-on-year, while investment demand is still resilient but
more selective,” Sin said.
International spot gold prices were on track for a
third consecutive weekly gain on optimism surrounding the
U.S.-Iran ceasefire.
In Hong Kong, physical gold
premiums of $3, while in Japan
premium of $1.
In Singapore
to $3, versus premiums of $0.25 to $1.80 last week.
Published on April 10, 2026
