INSUBCONTINENT EXCLUSIVE:
country's financial year to pay off advance taxes, while premiums in Singapore rose slightly on tight supplies."As just a few days are left
in the current fiscal year, many consumers (jewellers) are paying advance tax," said Ashok Jain, proprietor of Mumbai-based gold wholesaler
Chenaji Narsinghji."Even next week demand will remain subdued and could improve in April," Mr Jain said.Dealers in the country were charging
a premium of up to $1.5 an ounce over official domestic prices, down from last week's $2 level
The domestic price includes a 10 per cent import tax.The market is in premium due to lower gold imports in February, said a Mumbai-based
bullion dealer with a gold importing bank.Gold imports in February fell 10.81 per cent from the same period last year to $2.58 billion,
trade ministry data showed earlier this month.In Singapore and Hong Kong, physical demand remained soft, with global gold prices hitting
three-week highs after the Federal Reserve kept interest rates unchanged at its meeting this week
Prices were on track for a third straight weekly rise.In Hong Kong, premiums were little changed at 50 cents to $1.20, compared with 60
cents-$1.10 last week, while premiums in Singapore firmed up slightly to 60-80 cents over the benchmark prices from 60-70 cents last
week."Suppliers don't have many inventories here as they know that it will be difficult to sell
That has caused a slight increase in the premium," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.Top consumer
China witnessed steady demand, with premiums hovering at around $14-$16, slightly firmed from last week.China's yuan climbed to an
eight-month high against a weakening dollar on Thursday after the US Fed ruled out an interest rate hike this year.The strong yuan is
driving gold demand in China, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.Weakness in the dollar makes gold
expensive for buyers in other currencies.Gold was sold at par with global benchmark prices in Japan as buying interest was limited, said a
trader in Tokyo.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
