Premium for gold bars rises to 1-year high in India

Premiums for gold bars in India, the world’s biggest importer of bullion, rose to the highest level in more than a year to top $2 an ounce due to sudden demand triggered by a 10 percent fall from early September peak, three importers and a supplier said on Wednesday.

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“There is a sudden demand in the market as prices have fallen,” said a official with a state-run bullion importing bank in Mumbai.

There was difficulty in getting gold supplies abroad for import, the banker added.

Reuters