Gold prices on Tuesday traded at a one-and-a-half-year high in Mumbai’s spot market following a sharp recovery in international markets. However, buyers were absent within the market and costs were to be quoted at a huge discount to the cost of imports.
In Zaveri Bazar, gold price for 995 purity opened on Tuesday at Rs 28,205 for 10 gram, that is the highest after june 2014, against Monday’s closing price of Rs 27,775. On Tuesday, it closed at Rs 27,995, that is additionally highest once Jan 31, 2015. In international markets, gold touched $1,200 an ounce on Monday, which corrected to $1,188 on Tuesday.
At a level of Rs 28,000, “buyers aren't seen within the market despite price is quoted at $18-20 (per ounce) discount to cost of import,” said Ketan Shroff, director, Penta Gold. This interprets into a discount of Rs 400 for 10 gram. He added that supply of scrap gold increased in the market.
According to traders, those holding gold, which was imported earlier, are selling it at whatever value available. In January, 70 tonnes of gold was imported, compared to 100 tonnes every in November and December 2015.
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