MINING REFINING

Indian gold price discount trebles on slack jewellery demand

Thu June 19 2025

Jewellery demand in India has remained slack after the April-May wedding season got over, and, as a result, the discount on domestic gold to global benchmark prices has widened in June compared with mid-March, the World Gold Council (WGC) has said. 

The discount, after adjusting for exchange rate and taxes, has widened primarily due to subdued jewellery demand. “The average discount has widened significantly – from $12/ounce (₹370 per 10 gm) in mid-March to over $38/ounce (₹1,164) by June 13,” said Kavita Chacko,  Research Head, India of WGC. 

Gold, which has gained nearly 30 per cent this year in addition to increasing by 30 per cent last year, was last quoted at $3,359.95 an ounce. Gold futures, which expire in August, ended at $3,376.47 an ounce. On Multi Commodity Exchange (MCX), August gold futures were last traded at ₹98,907 per 10 gm. Jewellery gold in the Mumbai spot market was quoted at ₹97,070 per 10 gm on Thursday morning.

Source: https://www.thehindubusinessline.com/