Home SMARTPHONE Asia Gold-Festive rush lights up Indian market again

Asia Gold-Festive rush lights up Indian market again

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BENGALURU/MUMBAI — Consumers flocked to jewelry shops again in India this week to snap up Diwali and Dhanteras festival deals, with a retreat in prices also adding to the sparkle in the world’s second biggest bullion consumer.

Dhanteras, one of the busiest gold buying days in India, saw retailers dole out a wide array of offers.

“Jewelry stores were opened early in the morning today as demand is picking up for Dhanteras,” said Anantha Padmanabhan, chairman of the All India Gem and Jewellery Domestic Council.

“There are headwinds of higher prices and coronavirus outbreak, but we’re still expecting around 70% demand of the last year during Diwali.”

On Friday, local gold futures traded around 50,600 rupees per 10 grams.

Dealers charged $4 an ounce premiums this week over official domestic prices, inclusive of 12.5% import and 3% sales levies, versus last week’s $4 discounts.

Retail buyers, who had been postponing purchases for the last few months due to the coronavirus-led lockdowns, are now stepping out, said Prithviraj Kothari, managing director of RiddiSiddhi Bullions.

“Along with jewelry, people are also buying coins and bars.”

Diwali demand trickled into Singapore as well, with physical gold sold at $1-$1.45 an ounce premiums over international spot prices.

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