High Gold Prices Keep Demand In Check; India Discounts Narrow

Demand for physical gold in Asia remained lacklustre this week as high prices kept consumers on the sidelines while discounts in India narrowed ahead of a festival season that could reignite buying interest.

Dealers in India were offering a discount of up to $4 an ounce this week, down from an $8 discount last week.

Recent price strength has dulled Asian demand, one Hong Kong-based trader said. "We are seeing more of selling; because of higher prices, people are taking profit on physical (gold)."

In India, demand could improve going into the Dussehra festival in late September, one Mumbai-based banker said.

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"Until then, it is likely to be subdued and the market could continue trading at a discount," the banker said.

Also weighing on demand was a rally that lifted local rates to about 29,915 rupees per 10 grams, not far from the 10-month high of 30,474 rupees hit late last week.

In top consumer China, gold demand was steady, with premiums offered in the $3-$5 range, the same as last week. In Hong Kong, premiums were in the 40 cents to $1 range, versus the 30-60 cent level last week.

In Singapore, gold was being offered at a 60-80 cent premium over the benchmark, compared with last week's premium of 80 cents.

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"We have seen a slowdown this week because prices are higher," said Brian Lan, managing director at Singapore dealer GoldSilver Central.
Benchmark spot gold was down 0.4 percent at $1,323.21 an ounce at 1030 GMT, but prices remained supported by geopolitical tensions over North Korea's missile and nuclear weapons testing.

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