Gold demand in India witnessed a modest performance this week as elevated domestic prices impacted retail purchases ahead of the significant Akshaya Tritiya festival. Dealers reported discounts of up to $4 per ounce, while some noted premiums of $14 per ounce above official domestic prices, driven by festival-related demand. This contrasted with last week’s discounts, which reached up to $6 an ounce and premiums of $9.
Domestic gold prices hovered around ₹153,200 per 10 grams on Friday, following a rise to ₹155,065 earlier in the week, marking the highest price in a month. A Bengaluru-based jeweller commented, “Retail demand is not picking up even as the Akshaya Tritiya festival approaches. Usually, retail buyers book gold in advance, but this year they are not very keen due to higher prices.”
Akshaya Tritiya, the second-largest gold-buying festival after Dhanteras, is considered an auspicious occasion for gold purchases and will be celebrated on April 19.
In a significant development, Indian banks have suspended gold and silver import orders from overseas suppliers, resulting in numerous tonnes of the metals being held up at customs due to a lack of formal government authorization for bullion imports, according to trade sources.
Despite the usual expectation of rising premiums in the absence of bank imports, the current weak demand and selling from exchange-traded funds have prevented a sharp increase, noted a Mumbai-based bullion dealer.
In China, the top consumer of gold, bullion traded at premiums of $3 to $6 per ounce over the global benchmark price this week, almost unchanged from last week’s premiums of $3 to $5. Bernard Sin, regional director of Greater China at MKS PAMP, remarked, “Chinese premiums have slipped to just $3 amid weak demand,” adding that support primarily stems from central bank purchases, although reserve accumulations typically slow in the second quarter, limiting growth.
In Hong Kong, physical gold traded at premiums of $2, while in Japan, gold was sold at spot prices. In Singapore, gold maintained premiums of $1 to $3, consistent with the previous week.
Published on April 17, 2026.
