×
163
Fashion Jobs
L'OREAL GROUP
Executive - Sales - Matrix - Cochin
Permanent · Kochi
SUBIR SINHA
General Manager Production Manager
Permanent · Kanpur
RIVAARA LABS
we Are Area Sales Manager Like You to Join Our Sales Team
Permanent · Nashik
CAPITAL PLACEMENT SERVICES
sr.Manager Production Grinding Machines For Vadodara Gujarat
Permanent · Vadodara
L'OREAL GROUP
Area Sales Manager - South Bengal
Permanent · Kolkata
FUTURES AND CAREERS
Job Requirement For "Assistant Production Manager"
Permanent · Renigunta
KEWAL KIRAN CLOTHING LTD
Area Sales Manager (Channel Sales) Rajasthan, Jaipur
Permanent · Jaipur
FEDBANK FINANCIAL SERVICES LTD
Area Sales Manager- Doorstep Gold Loan(Chennai)
Permanent · Chennai
HERO HOUSING FINANCE LIMITED
Area Sales Manager
Permanent · Thane
PROJOBS
Manager Accounts - Garment Manufacturing (Cma)
Permanent · Coimbatore
HECTOR AND STREAK CONSULTING PVT LTD
Production Manager- Diagnostic Portfolio
Permanent · Mumbai
ELITE DECOR PVT LTD
Production Manager & Production Supervisor
Permanent · Vadodara
L'OREAL GROUP
Sales Executive - Professional Division - Bhopal
Permanent · Bhopal
L'OREAL GROUP
Executive - Sales Cpd - Bhatinda (n)
Permanent · Bathinda
L'OREAL GROUP
Sales Executive - Cpd - Bhatinda
Permanent · Bathinda
L'OREAL GROUP
Area Sales Manager, Cpd - Chandigarh
Permanent · Chandigarh
HEALTHKART
Area Sales Manager- Healthkart - Lucknow, Agra, Gwalior
Permanent · Lucknow
HALONIX TECHNOLOGIES PVT LTD
Area Sales Manager - Lighting Retail Sales (Rajkot)
Permanent · Rajkot
ELECTRONICA FINANCE LTD
Area Sales Manager - Bangalore Machinery Loan
Permanent · Bengaluru
NANDANI CREATION LTD
Production Manager
Permanent · Jaipur
ELECTRONICA FINANCE LTD
Area Sales Manager - Kolhapur Machinery Loan
Permanent · Kolhapur
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager (Jharkhand All District)
Permanent · Ranchi
By
Reuters
Published
Mar 25, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

India gold demand eases as traders defer buying; Singapore supply dips

By
Reuters
Published
Mar 25, 2019

Demand for physical gold moderated last week in India as many jewellers held off on purchases ahead of the end of the country’s financial year to pay off advance taxes, while premiums in Singapore rose slightly on tight supplies.


Gold imports in February fell 10.81 percent from the same period last year to $2.58 billion - Reuters


“As just a few days are left in the current fiscal year, many consumers (jewellers) are paying advance tax,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

“Even next week demand will remain subdued and could improve in April,” Jain said on Friday. The Indian financial year runs from April to March.

Dealers in the country were charging a premium of up to $1.5 an ounce over official domestic prices, down from last week’s $2 level. The domestic price includes a 10 percent import tax.

The market is in premium due to lower gold imports in February, said a Mumbai-based bullion dealer with a gold importing bank.

Gold imports in February fell 10.81 percent from the same period last year to $2.58 billion, trade ministry data showed earlier this month.

In Singapore and Hong Kong, physical demand remained soft, with global gold prices hitting three-week highs after the U.S. Federal Reserve kept interest rates unchanged at its meeting this week. Prices were on track for a third straight weekly rise.

In Hong Kong, premiums were little changed at 50 cents to $1.20, compared with 60 cents-$1.10 last week, while premiums in Singapore firmed up slightly to 60-80 cents over the benchmark prices from 60-70 cents last week.

“Suppliers don’t have many inventories here as they know that it will be difficult to sell. That has caused a slight increase in the premium,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

Top consumer China witnessed steady demand, with premiums hovering at around $14-$16, slightly firmed from last week.

China’s yuan climbed to an eight-month high against a weakening dollar on Thursday after the U.S. Fed ruled out an interest rate hike this year.

The strong yuan is driving gold demand in China, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

A weaker dollar makes gold expensive for buyers in other currencies.

Gold was sold at par with global benchmark prices in Japan as buying interest was limited, said a trader in Tokyo. 
 

© Thomson Reuters 2021 All rights reserved.