Otmane El Rhazi from
The Bullion Desk.
- The premium for gold in Shanghai has reopened at a proportionally higher level, reflecting China’s return from its annual Spring Festival holiday.
- Gold for immediate delivery in Shanghai was quoted at $4 over the spot price by MKS on the reopen, boosting the London spot metal price above $1,210 per ounce.
- In Hong Kong, a build-up of material continues to weigh on premiums, which several market sources quoted at between $0.50 and $1 over spot after it reopened for business earlier in the week.
- In India, premiums remained at an unchanged $2-3 over spot ahead of a possible cut to import duties in the country’s annual budget on February 28.
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