BENGALURU/MUMBAI (Reuters) – Healthy sales during a recent festival encouraged Indian jewellers to continue stocking up this week, while more supply started to make its way into Singapore and Hong Kong as dealers navigate around COVID-19-led bottlenecks. A salesman shows a gold necklace to customers at a jewellery showroom in Ahmedabad, Oct. 25, 2019. REUTERS/Amit Dave Indians celebrated the Dussehra festival on Sunday, and now await Diwali and Dhanteras in November.
“Dussehra sales gave confidence to jewellers. They’re now buying for Diwali,” said a Mumbai-based dealer with a bullion importing bank.
Premiums of $1 an ounce were charged over official domestic prices, including 12.5% import and 3% sales levies, from $5 premiums last week. Local gold futures were trading around 50,500 rupees ($682.96) per 10 grams.
“Retail consumers are slowly adjusting to higher prices,” said Aditya Pethe, director at Waman Hari Pethe Jewellers.In Singapore, premiums of $0.80-$1.30 an ounce were charged over […]
October 30, 2020 (updated October 30, 2020) Published by StockMan