Gold buying picks up ahead of festive season in India, China
Reuters - Aug 19, 2016
Physical gold demand in Asia improved modestly this week as consumers returned to the market ahead of upcoming festivals in India and China when demand is usually high.
In India, the world's second biggest gold consumer, discounts narrowed as jewellers started buying for the festive season. Dealers were offering a discount of up to $52 an ounce over the global spot benchmark, down from up to $60 last week.
"Large jewellers have started building inventory for the upcoming festival season. In coming weeks, demand is expected to pick up further if prices remain stable at the current level," said a Mumbai-based bullion dealer with a global bank.