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Chinese gold premiums ease but remain high
Chinese Gold Demand Robust But Indian Buyers Unimpressed by Price Dip
By Rajendra Jadhav and Deep Kaushik Vakil
Reuters
Friday, September 29, 2023
Physical gold premiums eased slightly in top consumer China this week but remained elevated on high investor demand amid a broadly weaker yuan and economic worries, while lower prices in India failed to boost retail purchases.
Chinese dealers charged premiums of between $80 and $100 an ounce over global spot prices, compared with $60-$130 last week.
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"That people are prepared to pay such a premium over the spot suggests there is a strong willingness to buy gold ... but a lot of that incremental interest is coming from investment demand," said John Reade, market strategist for Europe and Asia at the World Gold Council.
China's gold imports via Hong Kong rebounded in August from the previous month, data showed on Tuesday, with the issuance of fresh quotas to local banks likely to boost shipments.
Bullion is seen as a safer asset for Chinese investors amid a weaker currency, troubled property sector and subdued stock market, Reade said.
Activity is expected to remain muted, with markets closed from Sept. 29 to Oct. 8 for public holidays in China. ...
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