×
21 062
Fashion Jobs
NIKE
Technical Product Manager
Permanent · Beaverton
NIKE
Operations Manager, Whq/na Accounts Payable
Permanent · Beaverton
NIKE
Marketplace Operations Manager
Permanent · Beaverton
NIKE
Learning Manager, Digital & Multimedia Development
Permanent · Memphis
NIKE
Distribution Center Area Manager
Permanent · Lake Forest
BATH & BODY WORKS
Manager, Email Marketing
Permanent · Reynoldsburg
BATH & BODY WORKS
Recruiting Senior Manager
Permanent · Reynoldsburg
VICTORIA'S SECRET
Brand Operations Manager-White Oaks
Permanent · Springfield
ULTA BEAUTY, INC.
Salon Manager
Permanent · Chicago
ULTA BEAUTY, INC.
Product Lifecycle And Operations Process Manager
Permanent · Bolingbrook
CLINIQUE
Retail Beauty Training Manager - Clinique - Full-Time - Herald Square - New York, ny
Permanent · New York
ESTÉE LAUDER
Retail Beauty Sales Manager - Estee Lauder - 35 Hours - Galleria Mall - Houston, tx
Permanent · Houston
CONVERSE
Technical Product Manager, Supply And Demand Planning
Permanent · Boston
CONVERSE
Technical Product Manager, Global Sourcing And Manufacturing
Permanent · Boston
CONVERSE
Technical Product Manager, Finance
Permanent · Boston
H&M
Product Owner
Permanent · Secaucus
MAC
Executive Director, Digital Innovation & Design, Mac
Permanent · New York
SMASHBOX
Senior Manager, Ecommerce, North America, Sbx
Permanent · Culver City
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetic Company Store - North Georgia Premium Outlets - Dawnsonville, ga
Permanent · Dawsonville
CLINIQUE
Retail Beauty Sales Coordinator - Clinique - 40 Hours - Arden Fair - Sacramento, ca
Permanent · Sacramento
CLINIQUE
Beauty Sales Manager - Clinique - 40 Hours - Rosedale - Roseville, mn
Permanent · Roseville
ALICE AND OLIVIA
Sales Supervisor - Manhasset, ny
Permanent · Manhasset

Lockdowns keep retail buyers away in top gold hubs

By
Reuters API
Published
Apr 24, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Retail demand for physical gold suffered this week in top Asian hubs as jewellery shops remained shut due to coronavirus restrictions, but some regions saw steady buying from investors hunting for a safe haven.


Reuters



Dealers in the world's biggest gold consumer China continued to sell bullion at hefty $50 an ounce discounts versus benchmark spot prices this week. This compares with last week's $50-$70 discounts, the biggest on record according to data going back to 2014.

"Some shops have opened, but people are in no mood to buy gold on the retail side, it's still a high-end purchase," Ronald Leung, chief dealer, Lee Cheong Gold Dealers in Hong Kong.

Global spot prices are now well above $1,700 an ounce.

In India, physical trading remained suspended due to the coronavirus, and jewellery showrooms will stay shut ahead of the country's biggest gold buying festival of Akshaya Tritiya on April 26.

"Usually ahead of Akshaya Tritiya, jewellers make purchases, but this year no one's buying," said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

Many jewellers have announced plans to sell gold online on the festival and deliver it after the lockdown is lifted, "but retail buyers are not interested in online purchases due to the higher price and uncertainty about delivery", said a Mumbai-based dealer with a private bullion importing bank.

Indian gold futures held near a record high of 47,327 rupees ($620.5).

Investment demand was steady in Hong Kong and Singapore but retail buying was poor.

"Dealers like us are taking pre-orders to be fulfilled on a later date, and clients are settling for higher premiums and for whatever inventories that are available," said Joshua Rotbart, managing partner, J. Rotbart & Co in Hong Kong.

Premiums of $0.40-$2.00 an ounce were charged on average in Hong Kong, versus last week's $0.50-$1.00, although some dealers quoted premiums as high as $4.00.

In Singapore, gold was sold at average premiums of about $1.50 to $5 an ounce for gold bars.

"No jewellery shops/businesses are open until June 1," said Spencer Campbell, director at Precious Metals Consultants SE Asia Consulting, adding premiums on retail gold were still high with new stock "based on promises right now".

"Exemptions are not being granted for this industry as they do not see refining and minting as essential businesses."

Japan saw premiums of $0.50-$1 an ounce amid muted activity with top gold retailer Tanaka Kikinzoku shutting all its stores.

© Thomson Reuters 2020 All rights reserved.