Premiums on physical gold in top consumer China jumped this week amid uncertainty over fresh import quotas, while a rise in demand following 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
Premiums on physical gold in top consumer China jumped this week amid uncertainty over fresh import quotas, while a rise in demand following 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.
Premiums 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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