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Asia Gold-Discounts narrow in top hubs as price dip attracts some interest

 

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BENGALURU/MUMBAI, Sept 25 (Reuters) - Physical gold demand limped higher in top Asian hubs this week, with dealers in India easing discounts to the lowest level in six weeks, as a drop in prices saw a little interest return in the precious metal.

Indian dealers offered discounts of up to $5 an ounce this week over official domestic prices, inclusive of 12.5% import and 3% sales levies, down from last week’s $23.

The correction just before the festival season could encourage jewellers to build up inventory, said a Mumbai-based dealer with a bullion importing bank.

In China, the biggest consumer of bullion, discounts narrowed to $40-$45 an ounce from last week’s $44-$48.

“We saw a little bit of buying interest when prices dipped to around $1,850-$1,860, but mostly on the investment side. The retail side is a bit better but still quiet,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers in Hong Kong.

Spot gold prices hit an over two-month low of $1,847.57 an ounce on Thursday and are down about 4.7% on a weekly basis.

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