India’s physical gold demand softened this week as buyers paused purchases, expecting a further price correction, even as lower rates boosted buying interest in China and Singapore. Indian dealers were quoting premiums of up to $25 per ounce over official domestic prices, inclusive of import and sales levies, unchanged from last week.
Domestic gold prices hovered around ₹1,22,700 per 10 grams on Friday, down from a record ₹1,32,294 last week, while global spot gold headed for its first weekly decline in 10 weeks. A Mumbai-based jeweller said buyers who were purchasing at any price last week are now waiting for deeper price cuts before restocking.
With the Dhanteras and Diwali rush over, import orders are being placed cautiously and in smaller volumes as traders expect a lower base import price next week. In China, gold traded between a $20 discount and an $8 premium, with investors holding positions amid global uncertainty. Gold in Hong Kong sold at par to a $2.20 premium, while Singapore and Japan saw modest demand, with premiums of up to $2.50 and $1, respectively.