Gold premiums have tumbled in India and Hong Kong, signaling that the buying frenzy that followed bullion’s biggest slump in three decades last month has weakened in the largest consumers. Prices fell.
Premiums paid by jewelers to banks in India are being quoted between $3 and $3.50 an ounce over the London cash price, compared with $10 to $12 early this month, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. In Hong Kong, consumers are paying about $3 an ounce compared with $5 to $6 last week, according to Heraeus Metals Hong Kong Ltd.
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