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From Boom To Bust: Gold Demand Slumps Amid Record Prices
From Boom To Bust: Gold Demand Slumps Amid Record Prices
Gold prices soared to unprecedented levels this week, stifling demand across Asia, with Indian dealers reporting the steepest discounts in over six months. Domestic gold prices in India hit a historic ₹80,034 per…From Boom To Bust: Gold Demand Slumps Amid Record Prices
10 grams on Friday, while international spot gold neared an all-time high of $2,790.15.
The sharp price rise left retail demand in India “negligible,” with many jewellery stores experiencing low footfall. Dealers speculate potential changes in import duty in the upcoming federal budget may have further dampened buying interest.
In China, premiums and discounts on gold hovered around $10 per ounce, as buyers remained cautious despite the holiday season. Meanwhile, Japan and Hong Kong reported modest trading activity due to price concerns.
The price surge underscores global trends in the gold market, reflecting both inflationary pressures and cautious trading sentiment in major Asian economies.
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