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Gold premiums in India fall sharply as covid hits retail demand

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Covid infections have hurt gold demand. Premiums this week eased to about $2 an ounce over official domestic gold prices as compared to last week's $4, the report said.Gold prices in India include 10.75% import duty and 3% GST.Jewellers have been reducing purchases because of weak retail demand and demand could remain soft over next few weeks amid rising covid cases, a Mumbai-based dealer told Reuters.On Friday, gold futures on MCX settled at ₹47,560 per 10 gram.

Though prices are off sharply from ₹48,400 hit earlier this week, the precious metal is up ₹3,600 so far this month."A softer US dollar, falling Treasury yields and a correction in equities attracted investor interest in bullion.

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