Asia Gold-Festivities trigger buying spree in India, but volumes lag
Share of gold coins, bars in sales higher this year - Indian trader
China January-September gold consumption slides 11.18%
People focusing on protecting their assets - Japanese trader
By Rajendra Jadhav and Ashitha Shivaprasad
Nov 1 (Reuters) -Gold demand in India jumped this week amid festival purchases, although volumes were lower than usual due to record-high prices.
"Retail buying jumped as consumers want to make purchases during the auspicious period. But many were making token-buys because of higher prices," said a Hyderabad-based jeweller.
In India, prices MAUc1 jumped to a record high of 79,775 rupees per 10 grams earlier this week, marking a nearly 33% increase since last year's Diwali.
The share of coins and bars in total sales increased this year than usual as buyers were unwilling to pay increased making charges for jewellery, said a New Delhi-based jeweller.
Indian dealers earlier this week charged a premium XAU-IN-PREM of up to $1 an ounce over official domestic prices on Dhanteras, inclusive of 6% import and 3% sales levies, but offered a discount later in the weekof up to $5, compared with last week's $4 discount.
"In volumes, sales were lower this year than last year. However, considering the price rally, even sales with modest volume drops look promising since, in value terms, they are much higher," said a Mumbai-based bullion dealer with a private bank.
Diwali and Dhanteras, celebrated this week, are festivals when buying gold is considered auspicious.
"It was a good sales week due to festivities after a long quiet period," said Brian Lan, managing director at GoldSilver Central.
In Singapore, gold was sold between $0.80 discount to $2.20 premium XAU-SG-PREM.
Demand for physical silver and platinum is rising in Singapore based on dealers' inventory, Hugo Pascal, precious metals trader at InProved, said.
Dealers in China offered discounts of $11-$14XAU-CN-PREM.
China's gold consumption in the first three quarters of 2024 slid 11.18% as high prices dented jewellery demand.
The ongoing challenges within the Chinese economy continue to impact consumer behaviour despite stimulus package, Pascal added.
In Japan, traders XAU-TK-PREM quoted at $0.25 discount to $0.5 premium.
There were some purchases and limited selling as people focused on protecting their assets, a Tokyo-based trader said.
Reporting by and Rajendra Jadhav in Mumbai and Ashitha Shivaprasad in Bengaluru; Editing by Sumana Nandy
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
