Gold prices in India were at their widest discount to international prices in 11 months on Friday due to sluggish demand and an influx of the precious metal sourced from South Korea.
Gold managed to stay supported and witnessed good buying support to hit its nine month highs in the third week of August amid a jaded undertone in global equities. Strong Indian demand hopes and sustained safe haven buying also helped the yellow metal.
The US dollar slipped lower against other major currencies, as ongoing US political tensions and doubts over an additional rate hike by the Federal Reserve this year continued to weigh. COMEX Gold tested above the critical $1300 per ounce level. MCX Gold futures managed to stay afloat and hit highs around Rs 29200 levels.
Indian traders are likely to import 25 tonnes of gold from South Korea in July-August, taking advantage of a recent tax change that allows imports without the usual 10 percent customs duty, industry officials told Reuters.India had previously imposed a 12.5 percent excise duty on imports from countries with which it had signed Free Trade Agreements (FTAs), such as South Korea.
Spot gold rose on Friday, supported by international political tensions and doubts over the ability of U.S. President Donald Trump's administration to push through its economic agenda.
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