KONTAN.CO.ID - BEIJING. A rally in bullion prices sparked by the global banking rout forced Indian dealers to offer steeper discounts on physical gold to lure retail customers and led to a drop in China premiums this week, while tempting some to resort to selling. "Sentiments completely changed in a week because of rising prices. Buyers have stopped making purchases," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsingji. Discounts in India widened to their highest in six weeks, as local gold prices jumped to 58,661 rupees per 10 grams this week, not far from the record high hit last month.
Physical Demand Wavers as Gold Price Rally Tempts Sellers
KONTAN.CO.ID - BEIJING. A rally in bullion prices sparked by the global banking rout forced Indian dealers to offer steeper discounts on physical gold to lure retail customers and led to a drop in China premiums this week, while tempting some to resort to selling. "Sentiments completely changed in a week because of rising prices. Buyers have stopped making purchases," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsingji. Discounts in India widened to their highest in six weeks, as local gold prices jumped to 58,661 rupees per 10 grams this week, not far from the record high hit last month.