Gold in India trading at six-year high discounts

Appreciating asset: Gold coins and bars sit on a tray inside a jewellery store in Mumbai. A bullion dealer says some consumers are selling their old jewellery to take advantage of elevated prices. — Bloomberg

MUMBAI: Physical gold dealers in India were forced to offer the steepest discount in six years last week to lure customers put off by a jump in domestic prices, with some people in top Asian hubs selling their bullion to cash in on the rally.

Earlier last week, global benchmark spot gold prices rose to near an all-time high of US$2,020.47 (RM8,474.86) as investors sought refuge from uncertainties spurred by the Ukraine crisis.