6 August
Indian gold dealers slash prices to record discounts amid gold’s rally — Reuters
Gold's recent price surge has widened Indian discounts to their steepest level in more than a month, as dealers respond to weak demand caused by soaring bullion costs, the agency noted.
Domestic gold traded near 98,300 rupees ($1,144.6) per 10 grams on Friday. Meanwhile, the record peak remains at 99,358 rupees ($1,157), Reuters reports.
The price surge has compelled dealers to offer discounts as steep as $56 an ounce below official domestic prices. Jewelry sales are also under pressure, as the typically slow monsoon season began earlier than usual this year, further dampening demand.
Precious metals expert Hugo Pascal of InProved noted that the high prices have also dampened demand for gold in China.
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