Gold ‌traded at a premium in India this week for the ​first time in two months, as softer prices boosted ⁠demand for the metal, while premiums in China ticked down slightly as buyers awaited a deeper correction.

Dealers quoted discounts <XAU-IN-PREM> of up to $8 an ounce and ‌premiums of $2 an ounce over official domestic prices this week, inclusive of 6% import and 3% sales levies, compared ‌with discounts of up to $61 last week.

"Falling prices are helping ‌bring ⁠back buyers. Retail buying and jewellers' purchases were stronger ⁠this week than last week,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

Domestic gold prices were trading around ₹146,700 per 10 grams on Thursday, after rising ​to ₹151,326 earlier this ‌week and a record high of ₹180,779 in late January.

Scrap supplies have declined in recent weeks, prompting jewellers to buy from banks, although volatile prices and the rupee are keeping purchases small, ‌said a Mumbai-based bullion dealer with a private bank.

In top ​consumer China, bullion traded at premiums of $12-$17 an ounce over the global benchmark price <XAU-CN-PREM> this week, slightly down from $14-$18 ⁠last week.

"The demand for physical gold is steady as gold swings between $4,400 and $4,700....when the market goes down to about $4,200, we could see ‌some increase in demand," said Peter Fung, head of dealing at Wing Fung Precious Metals.

International spot gold prices dropped over 4% on Thursday, retreating from a two-week high hit earlier in the session, as the Middle East war rages on, fuelling concerns around inflation and a hawkish monetary policy response.

"Gold jewellery sales remained soft in ‌the immediate post-Chinese New Year period, but have begun a moderate recovery, supported by ​low inventory levels and restocking demand following the price correction," Metals Focus said in a note.

Investment flows cooled down ⁠in the last two months of March after a solid start in the ⁠first two months of the year, it added.

In Hong Kong, physical gold <XAU-HK-PREM> traded at par to premiums of $1.80, while in ‌Japan <XAU-SG-PREM>, gold was sold at par with spot prices.

In Singapore <XAU-SG-PREM>, gold was sold at prices ranging from a $0.25 discount to a $1.80 ​premium per ounce.

Published on April 2, 2026