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. The country 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 per cent import and 3 per cent sales levies, from $5 premiums last week. Domestic gold futures were trading around ₹ 50,500 ($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 international spot prices."As more countries adjust to the ‘new normal’, we see less logistical constraints as […]
October 31, 2020 (updated October 31, 2020) Published by StockMan