Markets Soar on CPI, Crash on PPI Inflation Shock
Physical gold demand in India showed modest improvement this week as prices retreated from recent record highs, encouraging some retail buyers to return to the market. Gold prices in India fell to 99,838 rupees ($1,139.61) per 10 grams on Thursday after hitting an all-time high of 102,250 rupees last week. The pullback prompted Indian dealers to offer smaller discounts of up to $6 per ounce compared to $9 last week. However, demand remained sluggish in other major Asian markets including China, Hong Kong, Singapore, and Japan, where activity was described as “lacklustre” despite the price correction.
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