High gold prices cool India demand

Gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week's five-year highs.

- Reuters

“People are in a festive mood and travelling, so they are not interested in making purchases at these record-high price levels,” said a jeweller based in the eastern Indian city of Kolkata.

Domestic gold prices hit a record high of ₹139,286 ($1,550.34) per 10 grams on Friday, following a rally in international spot gold rates.

Spot gold notched an all-time high of $4,530.60 per ounce, driven by speculative and momentum-driven buying, as well as expectations of more U.S. rate cuts and rising geopolitical tensions.