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Gold demand remains strong in Asia as India ramps up purchases and China imports fresh supply

Physical gold prices in Asia have been buoyant this week, with India seeing a rise in purchases and China experiencing healthy demand and fresh imports. In China, gold imports have been steadily flowing into the Free Trade Zone over the past few weeks, with quotas to import approved by the People's Bank of China, according to Bernard Sin, regional director at MKS PAMP.

Meanwhile, in India, dealers were charging a premium of up to $1 an ounce over official domestic prices, inclusive of the 15% import and 3% sales levies, versus last week's discount of $1.5. Local gold prices in India were trading around 55,800 rupees per 10 grams on Friday. Premiums in Singapore ranged between $1.50 and $2.50 an ounce, while in Hong Kong they were around $1.50 to $3.50.

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