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Chinese physical gold premiums rise to four-month high


Chinese physical gold premiums rose to a four-month high this week on robust demand, while a price retreat fuelled a slight recovery in purchases in India.Premiums in top consumer China rose to $15-$22 an ounce XAU-CN-PREM over global prices from $9-$17 last week.


“Demand remains very good,” said Peter Fung, head of dealing at Wing Fung Precious Metals, adding the yuan’s strength versus the U.S. dollar prompted people to pick up some gold.


Global benchmark spot prices were bound for a weekly dip, trading around $1,950 on Friday.


The correction will likely provide a bit of a fillip to demand in price-sensitive India and China, said independent analyst Ross Norman, adding Beijing’s stimulus measures pledged this week should also help.


SOURCE:REUTERS



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