INSUBCONTINENT EXCLUSIVE:
Domestic gold futures soared to a record Rs 50,948 ($681.21) per 10 grams on Friday.Bengaluru/Mumbai: Physical gold rates flipped to a
discount in India this week as domestic prices surged while China's discounts slipped further on weak retail demand, with silver emerging as
a preferred asset in most Asian hubs
In India, dealers offered discounts of up to $6 an ounce over official domestic prices in thin trade, versus last week's $2 premium
Domestic gold futures soared to a record Rs 50,948 ($681.21) per 10 grams on Friday."Nearly 50 per cent jewellery stores are closed due to
Retail demand is weak, but could improve next month during the Onam festival," said B Govindan, chairman of Kochi-based Bhima
Jewellery.Global benchmark spot gold prices held near a nine-year peak, close to the $1,900 an ounce level, on safe-haven investment demand,
while silver eyed its best week in over three decades.In top buyer China, discounts widened to $37-$20 per ounce over global benchmark
prices from last week's $30-$25, with activity still very quiet."People are taking advantage of the gold price to sell in the market," said
Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS, adding that investors were increasingly moving toward silver.Dealers
in Hong Kong charged anywhere between $0.5 per ounce discount to a $1.5 premium, while premiums in Singapore widened to $0.8-$1.50 an ounce
from $1.50 last week.Despite some buying from high net worth clients, a lot of retail investors and business were selling gold, Brian Lan,
managing director at dealer GoldSilver said, adding, new clients emerged for silver after global spot rates breached $20.In Japan, premiums
of $0.25-$0.50 per ounce was charged.Meanwhile, the Bangladesh Jewellers Association raised local rates to a record high, citing the rally
in international markets.The new rates, with the best quality gold priced at 72,783 taka ($860.01) per Bhori, or 11.664 grams, came into
