India swings to premium on price retreat; China demand muted

Gold prices in India fell to 140,543 rupees per 10 grams, their lowest since March 27, as international spot gold declined. India swung to premiums of up to $6 per ounce over official prices, up from last week's discounts of up to $54, supported by a stronger rupee at 94.3950 per dollar. Meanwhile, China's physical gold demand weakened with jewellery sales slumping and net imports via Hong Kong falling about 38% month-on-month in May, though the People's Bank of China added 10 metric tons for a 19th straight month, lifting reserves to 2,332 tons.