Economic Concerns Drive Surge in China’s Gold Premiums

Premiums on physical gold in China have gone up this week. This happened because people are worried about the economy and want to keep their money safe. In India, the price of gold went down, which made more people want to buy it.

In China, people had to pay between $33 and $43 more for each ounce of gold compared to the normal price. Last week, the extra amount was between $20 and $35.

People in China are buying more gold because they think it’s a good way to keep their money safe. They’re worried about the real estate business in their country. This is why they are willing to pay more for gold.

The price of gold around the world dropped to the lowest in five months, which was $1,883 for each ounce. This happened because it’s expected that the United States will keep interest rates high for a longer time.

Experts also noticed that the People’s Bank of China, which controls the money in China, didn’t give out many permits to banks to bring in more gold from other countries. This made the extra price of gold in China go up.

In India, more people wanted to buy gold because the price went down a lot. It was the lowest in a month, at 58,275 rupees for 10 grams. This made sellers ask for more money when selling gold. They charged an extra $3 for each ounce of gold, which includes taxes. Last week, they were giving a discount of $1.5.

People who make jewelry, especially in southern India, were buying more gold because there was a big festival coming up called Onam.

In other places like Hong Kong and Singapore, gold was also a bit more expensive than usual, by $1 to $3 or $1.5 to $3 respectively.

In Japan, gold was being sold at the normal price.

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