Gold yesterday settled up by 0.66% at 51035 amid an escalation in the U.S.-China spat added further safe-haven fuel to a rally to a peak driven by fears over the economic hit from the coronavirus pandemic.
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Gold prices rallied underpinned by low interest rates and stimulus from central banks to revive their economies, which benefits bullion since it’s a perceived hedge against inflation and currency debasement.
In the latest flare-up, China ordered the United States to shut its Chengdu consulate in retaliation for the closure of its consulate in Texas, dampening risk assets.
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Physical gold rates flipped to a discount in India as local prices surged while China’s discounts slipped further on weak retail demand, with silver emerging as a preferred asset in most Asian hubs.
In India, dealers offered discounts of up to $6 an ounce over official domestic prices in thin trade, versus last week’s $2 premium. Dealers in Hong Kong charged anywhere between $0.5 per ounce discount to a $1.5 premium, while premiums in Singapore widened to $0.8-$1.50 an ounce from $1.50 last week.
In Japan, premiums of $0.25-$0.50 per ounce was charged. Meanwhile, the Bangladesh Jewellers Association raised local rates to a record high, citing the rally in international markets.