Demand for gold dampens in India as safe haven surges above $3,000 for first time

Record ID: 1983236

  • Title: Demand for gold dampens in India as safe haven surges above $3,000 for first time
  • Date: 14th March 2025
  • Summary: COIMBATORE, TAMIL NADU, INDIA (MARCH 14, 2025) (ANI- No use India) CUSTOMERS PURCHASING GOLD ORNAMENTS AT SHOP ORNAMENTS ON DISPLAY CUSTOMER INSPECTING ORNAMENT QUALITY ORNAMENT ON DISPLAY CUSTOMER INSPECTING ORNAMENT QUALITY (SOUNDBITE) (English) CUSTOMER, DILLIP (LAST NAME NOT GIVEN), SAYING: "Actually, I came to buy gold from Coimbatore today because the prices are so h
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  • Keywords: Bengaluru Coimbatore India President Trump Russia-Ukraine war Trivandrum conflict gold gold rate jewellery ornaments sovereign
  • Location: COIMBATORE, TAMIL NADU/ THIRUVANANTHAPURAM, KERALA/BENGALURU, KARNATAKA, INDIA
  • City: COIMBATORE, TAMIL NADU/ THIRUVANANTHAPURAM, KERALA/BENGALURU, KARNATAKA, INDIA
  • Country: India
  • Topics: Asia / Pacific,Commodities Markets,Economic Events
  • Reuters ID: LVA001M06G0GF
  • Aspect Ratio: 16:9
  • Story Text:Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand.
    Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe store of value.
    Gold, traditionally viewed as a safe haven investment during times of inflation or economic volatility, has risen over 14% so far this year, driven in part by concerns over the impact of U.S. President Donald Trump's tariffs and the recent selloff in stock markets.
    In India, domestic gold prices hit a record high of 87,886 rupees per 10 grams on Thursday.
    Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
    "Government should take necessary to control the rate (gold). The customers are not able to buy even 1 gram," said a shopkeeper in southern Thiruvananthapuram city.
    India's gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
  • Copyright Holder: ANI (India)
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