Discounts fall as gold falls by about 4 per cent

Discounts offered by domestic gold dealers on global spot benchmark prices have dropped to $30-40 per troy ounce from about $100 per troy ounce last week with prices of the precious metal falling about 4 per cent.

Gold prices have dropped to about Rs 31,000 per 10 gm after having shot up to Rs 32,400 in the aftermath of the June 23 referendum when Britons voted to exit the European Union.

Industry executives said that speculators took to profit booking as gold price appreciated $100-150 per troy ounce. “This has also affected the market and prices of gold have dropped,” said a trader, who did not want to be identified.

Nonetheless, gold prices are up about 30 per cent since January 1. The price drop has helped revive some demand.

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