Gold demand increased again, and the price reached 1 1-month low.

Gold Prices in India: The price of 24 carat gold in India had reached Rs 1,00,555 last week. While on Friday, 24 carat gold was trading at around Rs 97,700 per 10 grams. However, due to weak employment data in the US, their prices have again risen on Saturday.

According to a Reuters report, the price of spot gold in the international markets had reached its lowest level this week and it has been declining for three consecutive weeks. Due to this fall in prices, interest in buying has increased and there has been an improvement in the demand for gold in other Asian markets including India.

Improvement in gold purchases

A Reuters report quoted a Pune-based jeweler as saying that this week the number of customers was better than last week. People were also inquiring about prices and also making small purchases. Indian dealers offered discounts of up to $ 7 per ounce on the official domestic price, which includes 6 percent import duty and 3 percent sales duty, while last week this discount was up to $ 15 per ounce.

A bullion trader at a private bank in Mumbai said that jewelers were eager to increase their stock after the price of gold fell in the international markets, but the weakness in the rupee reduced the impact of the fall in prices.

Demand for gold in other Asian countries

In China too, dealers have kept the price of gold in the range of $ 4.2 discount and $ 12 premium per ounce from international rates. According to Reuters, Hugo Pascal, a gold trader at InProved, said, "China seems to be cashing in on the fall in gold prices." Yesterday, 11 tonnes of gold were traded on the Shanghai Gold Exchange, which reflects the renewed interest in it. Gold was also sold at a premium of $1.50 in Hong Kong. At the same time, it was traded at a premium of $1.40 in Singapore. Gold was sold at a premium of $0.60 in Japan.

Quoting a trader in Japan, Reuters said in its report, "Despite the slight fall in price, there was a lot of demand for buying. Despite the trade deal between Japan and the US, gold continues to be purchased as an asset amid low interest rates.