India gold demand revives as prices hit two-month low; dealer discounts narrow to $35/oz
Indian jewellery buyers returned this week as domestic gold slipped 1.5% to ₹146,444 per 10g, a two-month low. Dealer discounts narrowed sharply to $35/oz from $87/oz prior, signaling improved offtake. Jeweller restocking stays cautious amid soft retail outlook and a 15% import duty plus 3% sales levy weighing on margins.
Indian gold demand ticked up as domestic prices fell to a two-month low, drawing jewellery buyers back. Dealer discounts narrowed to $35/oz from $87/oz, though jewellers' restocking remains cautious amid weak retail demand outlook.
Why this matters
Discounts have swung sharply from a record $207/oz freeze after the 15% duty hike to just $35/oz now, marking the clearest demand revival since the tariff shock disrupted legal jewellery channels.
Footfall theme steady with 174 signals in last 90 days