MUMBAI: Gold prices in India flipped into premiums this week on firmer demand in the domestic market, while buyers in top consumer China took advantage of weaker bullion prices and stepped up purchases. That contrasted with last week when gold was sold at a discount, of around $2, for the first time in 2-1/2 months. Retail demand has improved a bit since them due to the drop in prices, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. India meets most of its gold demand through imports. "Though investment demand is up a little, because of the worldwide recessionary situation, industrial demand is not so strong at this moment.

Source: Mint May 24, 2019 14:13 UTC