View source for Asia Gold-Indian Gold Dealers Switch To Premium On Holiday...

<br>By Karthika Suresh Namboothiri and Rajendra Jadhav<br> <br>BENGALURU/MUMBAI, Dec 27 (Reuters) - Gold prices flipped to a premium this week in India due to limited supplies even as demand remained subdued, while other Asian regions barely saw any holiday purchasing.<br> <br>Indian dealers were charging a premium of up to $1 an ounce over official domestic prices this week, compared to a discount of $2.5 an ounce last week.<br><br>The domestic price includes a 12.5% import tax and 3% sales tax.<br> <br>Supplies are limited as most of the international suppliers are on leave, allowing sellers to charge a premium,  [https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html] said a Mumbai-based dealer with a private bullion importing bank.<br> <br>"Gold could start trading in discount once supplies improve," the dealer said.<br> <br>Gold futures in India, the world's biggest gold consumer after China, rose for a fourth straight session to a nearly 4-month high of 38,980 rupees earlier in the day.<br> <br>Chinese gold traders offered premiums of $4-$5 an ounce over the benchmark, little higher than last week's $3-$5 an ounce.<br> <br>"The premium has definitely improved, but physical demand, especially jewellery, remains weak," said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS.<br> <br>"There is always buying for Christmas and New Year due to seasonal demand, but this year sales have been softer compared to the previous years."<br> <br>Demonstrations in Hong Kong against Beijing's influence continued to hurt tourism, resulting in subdued physical purchasing of the safe haven metal.<br> <br>Premiums in Hong Kong ranged between flat to $0.30 an ounce, compared with last week's $0.20-$0.30 an ounce.<br> <br>Hundreds of protesters marched through Hong Kong shopping malls on Thursday, disrupting business in the Asian financial hub for a third day.<br> <br>"The situation in Hong Kong is ongoing, demand is getting impacted as well because of that," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd.<br> <br>"Normally before the Chinese new year, we see some demand in the market. But this year we are seeing a lot of uncertainty."<br> <br>Traders in Singapore charged premiums of $0.60- $0.80 an ounce over the benchmark, the same as last week, but demand is expected to improve in January ahead of the Chinese lunar new year, traders said.<br> <br>In Japan, gold was sold at a premium of around $0.30 an ounce, slightly lower from last week's $0.50.<br><br>While Christmas helped sales slightly, higher gold rates kept buyers on the sidelines.<br> <br>Benchmark spot gold prices are on track to post their biggest weekly gain in more than four months after hitting a near two-month peak earlier this week. (Reporting by Rajendra Jadhav in Mumbai and Sumita Layek in Bengaluru; Editing by Emelia Sithole-Matarise)<br>