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India's gold demand loses steam due to high prices

by_rajendra_jadhav_and_karen_rodrigues
India's gold demand loses steam due to high prices

The sudden price rise surprised them," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. Local gold prices have risen nearly 3 percent so far this week following gains in the overseas market and on a depreciation in the rupee. Dealers in India were offering a discount of up to $1.5 an ounce over official domestic prices this week, compared to a premium of $2 in the previous week.