Gold dealers in India offered the biggest discount this week as Covid-19 restrictions continue to hamper consumption across the country. Low demand in local markets and a price correction overseas has opened the doors to the highest discount in almost 9 months. Gold dealers coughed up discounts of up to $12 an ounce, the highest since mid-September 2020, inclusive of 10.75% import and 3% sales levies. Chinese gold dealers have been dealt a double blow of a resurgent Covid-19 wave and new restrictions. Gold prices rebounded in the US on Friday after a two-week low after nonfarm payrolls did not rise as much as expected, leading US gold futures to settle up 1% at $1,892.

Source: Hindustan Times June 05, 2021 13:21 UTC