Imported gold now being sold at discount

Brexit may have led to a spurt in gold prices but with high prices leading to slack demand, traders are now selling gold at a discount.

 “Imports to India are being done at around Rs 32,100/10 grams and is being sold in the Indian market at a discount of Rs 500-600/10 grams (around Rs 31,600). The grey market discount is even high and there it is being sold at around Rs 30,500/10 gms,” All India Gem & Jewellery Trade Federation director Bachhraj Bamalwa told Deccan Herald.

Demand in the country is really weak after the sudden spurt in prices recently due to which even the imported gold is being sold at a discount, said Bamalwa. Gold prices had hit a three-year high of around Rs 32,200/10 grams around 3-4 days earlier.