| Gold prices in India are now ruling at a discount to international prices. Thanks to weak demand, bullion dealers are quoting discounted prices for their inventory. Prices in the spot market quoted at a discount of $8/ounce to the London price last week. This is lower than a $0.5/ounce discount in the beginning of June.
Gold BeES, Goldman Sachs’ gold exchange-traded fund, closed at Rs2,422 on Friday on the bourses, a discount of 2 per cent to its NAV of Rs2,467.68. Spot gold prices declined 2 per cent to close at Rs2,634.9/gram. Bullion dealers, however, expect demand to catch up in the coming weeks as they expect good monsoon rains will cheer rural consumers...............................................Full Article: Source
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