Jewellers lift shutters; discounts prevail in top hubs

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NEW DELHI: Physical gold demand crept up this week in top hubs in India and China though dealers were still forced to offer discounts, while businesses limped back to life in India as some Covid-19 restrictions were eased.
Some states have begun easing restrictions as infection cases abate.
“Slowly, businesses are opening up in a few states. As new coronavirus cases are falling, expectations are most states will ease restrictions in the next few weeks,” said Mukesh Kothari, director at Mumbai bullion dealer RiddiSiddhi Bullions.
Dealers offered discounts of up to $12 an ounce over official domestic prices, inclusive of 10.75% import and 3% sales levies. That was unchanged from last week, a level of discount not seen since mid-September 2020.
“Jewellers were sceptical. They don’t know how quickly demand would recover. That’s why they’re not showing interest in making purchases at the…

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