Asia Gold-Dwindling demand pushes Chinese discounts to record high
- Chinese discounts for physical gold scaled yet another record peak versus global spot rates this week as the COVID-19 pandemic continued to choke retail appetite, with even a price dip failing to lure consumers in India.
- Gold has been sold at discounts in China, usually the world’s top bullion consumer, since February.
- Discounts widened to between $75 and $100 an ounce over the global benchmark, up from last week’s $70-$60.
- Hong Kong dealers were operating between a discount of $0.60 an ounce up to a premium of $1.50.
- India’s gold futures eased to about 52,400 rupees per 10 grams on Friday, from a record 56,191 rupees last week.