REMINDER
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PURITY/LOCATION
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PREMIUM/DISCOUNT
IN USD/OUNCE
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NOTES
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This week
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Last report
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Gold 99.99% 1Kg Shanghai
(SGE)
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2.00 / 3.00
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3.00 / 3.50
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Premiums down, yuan vs dollar exchange rate stabilises around 6.649 on Friday.
Market predicts limited downside pressure on gold prices, another Fed interest-rate rise in August deemed unlikely, more direction sought for September rise possibility.
Investment demand for gold remains strong, tepid physical demand likely to last until mid-autumn festival in mid-September.
International gold price last at 1,345, up from 1,328 in mid-July
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Gold 99.99% 1Kg Hong Kong
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-0.50 / 0.50
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-0.50 / 0.50
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Large inventories that had been weighing on local rates drawn down but buying interest for jewellery thin at start of summer season, gap between Swiss and local bars narrows, recycled bars available at discounts above 1.00. Larger scrap dealers reluctant to sell at current prices, local smaller merchants still actively selling.
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Gold 99.99% 1Kg Singapore
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-0.50 / 0.50
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-0.50 / 0.00
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Sluggish trading activity but some small premiums reported as less supply flowing into Singapore; material redirected to nearby locations instead. Less scrap supply on the market, larger dealers choose to hold off on selling.
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Gold 99.99% 1Kg Tokyo
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-1.50 / -0.50
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-1.50 / -0.50
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Physical gold buying thin, scrap supply increases due to high prices
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Gold 99.5% 1Kg Mumbai
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-40.00 / -35.00
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-40.00 / -35.00
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Large discounts remain while Indian physical demand for gold remains weak. Large inventories and discontent among jewellers over imposition of a one-percent excise duty in February still plagues one of world's key consumers.
Jewellers remain unhappy at new excise duty although Indian govt has relaxed some conditions: jewellers with annual sales below 150 million rupees will be exempt from excise duty, up from 120 million rupees previously. Jewellers with turnover below 1 billion rupees will also not be audited by govt for first two years.
Discounts of up to 60 heard on black market bars, supply of smuggled gold has increased over past few months.
Cautious optimism emerging, this year's monsoon rains beat forecasts after years of drought.
Indian government will increase salaries for 10 mln civil servants by 24 percent this year.
Massive IJS jewellery show kicks off next week in Mumbai.
Imports of unrefined metal reportedly ease, many smaller refining operations making losses in current conditions. Sources say material being redirected to Dubai/Switzerland.
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Gold 99.99% 1Kg Bangkok
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-1.00 / 0.00
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-1.00 / 0.00
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Discount deepens, selling interest higher than buying interest on surging prices. Supply ample, most imported material smelted down to 96.5% bars and exported back to Switzerland/Dubai where demand for scrap is strong.
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Gold 99.5% 1Kg Istanbul
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-3.00 / -2.00
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-2.00 / -1.00
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Discounts remain, uncertainty continues to cast long shadows over local market. Lira hits fresh record low following coup attempt and various attacks.
Volumes extremely thin on Borsa Istanbul. Higher imports seen in May and June at 8.5 tns and 9.4 tns respectively - sources say this is mainly scrap and doré bars.
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Gold 99.99% 1Kg Dubai
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-2.00 / -1.00
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-2.00 / -1.00
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Influx of traditionally Indian-bound material weighs on market, weak demand due to higher prices. Most trade taking place in non-LBMA and .995 bars; Dubai refiners reportedly buying doré bars and scrap aggressively
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Gold 99.99% 1Kg Zurich
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0.50 / 1.50
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0.50 / 1.50
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Premiums hold firm, stronger demand in Europe but metal in strong hands and higher offers for large volumes. Demand surge seen particularly from Baltics/Russia after Brexit and on high expectations of further ECB stimulus measures.
Scrap demand from refiners reportedly high, banks look to purchase for gold-backed ETFs where demand has been stronger in wake of Brexit.
Premiums divided for wholesale and retail trades - retail unwilling to sell below 4.
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Premiums are paid on top of the London spot price to acquire ownership or secure delivery of physical metal. Rates vary according to brand, purity and the size of order and depend on location and dealer. Duties may apply, depending on location.
FastMarkets premiums are nominal indications only, based on contributions from market sources, and should not be construed as actual bids and offers.(Table compiled by FastMarkets' Physical reporting team, physicals@fastmarkets.com)
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