Gold premiums in top consumer China continued their rapid ascent to their highest since the tail-end of 2016 on soft buying interest, while a drop in local prices prompted Indian dealers to charge premiums for the first time in nearly four months. In Shanghai, gold was priced as much as $25 an ounce over
Gold premiums in top consumer China continued their rapid ascent to their highest since the tail-end of 2016 on soft buying interest, while a drop in local prices prompted Indian dealers to charge premiums for the first time in nearly four months.
The high premiums are predisposed by the lockdown in Shenzhen on COVID flare ups, as well as no news on import quotas being issued that could affect industrial activities, said Bernard Sin, regional director for Greater China at MKS PAMP."There's less customer interest... so in the Shanghai exchange trading is very thin but the premium is very high," said Peter Fung, head of dealing, Wing Fung Precious Metals.
Premium of up to $2 an ounce over official domestic prices — inclusive of the 15 per cent import and 3 per cent sales levies, were charged, up from the last week's discount of $7.
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