Otmane El Rhazi from
The Bullion Desk.
- The premium in Shanghai was at $3 over the spot price, although some sources reported it at as high as $4.
- Chinese demand remains robust ahead of the Lunar New Year, which has continually underpinned gold prices this year. Still, volumes should drop precipitously during the one-week holiday that starts on February 19.
- In India, the discount continues to widen amid dwindling demand, reaching to $2-5 per ounce on one-kilo bars
- Elsewhere, the Hong Kong premium was down to $1, in Singapore, the premium edged up to $1.50, while the Dubai premium fell to parity as did Bangkok.
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