Gold futures in India were trading around Rs 46,000 per 10 grams, not far from the eight-month low of Rs 45,861 hit last week.
“Consumers are quite comfortable with the current price point. There is a good demand for jewelry from retail buyers,” said Harshad Ajmera, owner of JJ Gold House, a wholesaler in the city. from Kolkata.
He added that the 50,000 rupee mark is a psychological price barrier for Indian consumers.
Dealers have charged premiums of around $ 4 an ounce over official domestic prices, including levies of 12.5% on imports and 3% on sales, over the premium of $ 7 from last week, which was an eight-month high.
Jewelers are aggressively building their inventories as prices are attractive and retail demand is robust, said a Mumbai-based dealer with a bullion importing bank.
In Singapore, premiums of $ 1.4 to $ 2 per ounce were billed amid firm demand.
“We have seen a bit more buying wholesale and also retail, especially after the Lunar New Year,” said Brian Lan, general manager of GoldSilver Central dealership, adding that interest in silver remained high.
Suppliers have reported delays in deliveries of gold and silver due to physical shortages developing in the global market, said Vincent Tie, sales manager at another Singapore dealer, Silver Bullion.
In mainstream China, major consumers, activity was dampened by Covid-19 restrictions during the generally busy holiday season, dealers said, with premiums of around $ 3-7 an ounce per relative to benchmark spot gold prices.
China’s net gold imports through Hong Kong fell in January as restrictions dampened market activity.
In Hong Kong, dealers sold bullion anywhere between the benchmark price and a premium of $ 1. Japanese dealers charged a premium of $ 0.50.