The gold premiums in Mumbai dropped significantly following India’s meteorological department forecasting weak monsoon season ahead. The yellow metal continued to trade more or less at parity to $0.50 premium with international prices. Also, gold for immediate delivery was available at discounts of $3-$4 per ounce on recycled gold bars.
The Indian Bullion and Jewelers Association (IBJA) has predicted significant drop in the country’s wedding jewelery gold demand during the second half of the year.
According to recent survey conducted among gold owners in the country, the proposed gold monetization scheme by the Indian government is unlikely to lure customers.
The gold premiums in Mumbai remained flat with no major upticks during the week. The yellow metal continued to trade more or less on par with international prices or at a premium of $1. The premiums held firm when matched with the previous week.
