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India gold discounts

by April 22, 2016 General

MUMBAI/SINGAPORE: Gold demand in India improved this week as jewellery retailers reopened stores after a strike, but the world’s second biggest bullion market remained at a discount to the global benchmark as purchases across the region were curbed by higher prices. Indian jewellers went on an indefinite strike since the start of March in protest over the reintroduction of a sales tax on gold jewellery after four years. They started opening shops from last week. Dealers were offering a discount of up to $8 an ounce to global spot benchmark this week, down from a discount of up to $25 last week. The discount hit a record high of $53 an ounce in late February on weak demand.

A version of this article appears in print on April 23, 2016 of The Himalayan Times.