PHYSICAL gold demand was lackluster in most Asian hubs as price dips were not enough to lure in buyers and the Indian retail market saw little activity before a festival season. “Demand has slowed down a bit compared to early September,” said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS. In India, the world’s second biggest gold market, the fall in domestic prices to their lowest in more than a month failed to lift demand because of the Shradh period, which is considered inauspicious for buying bullion. “Retail buying was negligible due to Shradh,” said Ashok Jain of Mumbai-based gold wholesaler Chenaji Narsinghji. “Jewellers are still not making purchases for the next month’s festivals anticipating weak retail demand,” said a Mumbai-based dealer at a private bullion-importing bank. Demand for gold usually strengthens in the final quarter as India gears up for festivals such as Diwali and Dussehra, when buying gold is considered auspicious. Premiums in Singapore narrowed to US$0.55-US$0.75 an ounce, although there was some interest from retailers and wholesalers in the region, traders said. Buying slowed and investors were monitoring global prices after a recent correction, said Silver Bullion sales manager Vincent Tie. In Japan, gold priced in yen was holding closing to its highest on record.(SD-Agencies) |