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India’s gold market is showing early signs of revival as prices pulled back from last week’s record high of 86,592 rupees per 10 grams to around 84,750 rupees on Friday. Though some buyers are returning, many remain cautious according to local jewelers.
Dealers have narrowed their discounts to $12-$27 per ounce (down from $35 last week), reflecting increasingly tight supplies. A Mumbai dealer reports “hardly any imports by banks this month,” with February’s gold imports projected to plummet 85% year-over-year to their lowest level in 20 years.
Elsewhere in Asia, conditions vary. China’s market remains sluggish with gold trading at par to $3 discounts, while January’s imports via Hong Kong dropped 44.8% from December to levels not seen since April 2022. Analyst Ross Norman explains that profitable opportunities in shipping gold to New York are “draining physical liquidity from other markets.” Singapore and Hong Kong are seeing gold trade in narrow ranges between small discounts and modest premiums.
