Higher Gold prices dent Asian physical demand

Shanghai (Nov 27)  Hike in the price of Gold dented the demand on buying of physical gold which remained muted across major Asian centres.

 The seasonal demand for Gold probably could boost activity in top consumer China next month.

 In China, gold was sold at a premium of $5-$9 an ounce over the global benchmark, down from the $7-$10 last week.

 Though demand in China is fairly tepid at present, it could see an uptick in the first half of December.

 Orders from wholesalers usually start to pick up from December as traders build inventory ahead of the Chinese New Year, a major gift-giving period in China.

 Benchmark spot gold has traded in a range of $1294.73 to $1,274.86 an ounce this week, having gained more than 1 percent this month.

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