INSUBCONTINENT EXCLUSIVE:
In the Indian market, gold futures hit the highest since July 6, 2016, at Rs 32,311, earlier this week.In order to cash in on the festive
season, many jewellery houses have lined up attractive offers for buyers
Ahead of Diwali, jewellery firms such as Tanishq, PC Jeweller and Kalyan Jewllers have announced discounts on gold and diamond
Analysts see subdued demand for gold in the festival season, hurt by a below average monsoon and a rise in prices due to rupee
jewellery, it said on Twitter
Making charge is the fee a jeweler charges for providing the desired amount of gold in the preferred shape of the jewellery
It is primarily because of the making charge that the price of physical gold varies from one jeweller to another.In the Indian market, gold
futures hit the highest since July 6, 2016, at Rs 32,311 per 10 grams, earlier this week.Two-thirds of India's gold demand comes from
discounts of up to $7 an ounce over official domestic prices this week, the highest since mid-June, compared with the $6 discounts last week
The domestic price includes a 10 per cent import tax."We saw some buying on dips in gold prices, especially from jewellers ahead of the
Indian festival Diwali," said Brian Lan, managing director at Singapore dealer GoldSilver Central.(With inputs from Reuters)
