Gold Market Reverses: From Premium to Discount in a Week, What's Next?

• Indian gold market shifted from a $70 premium to a $12 discount per ounce in one week due to sharp price fluctuations and weak retail demand.
• Jewelers report low demand despite discounts on making charges, as high prices deter buyers.
• Domestic gold prices surged from Rs 1.33 lakh to Rs 1.54 lakh per 10 grams in a week, impacting buying sentiment.
• Traders anticipate cheaper gold supply from UAE under concessional duties, leading to a halt in new purchases from banks.
• Analysts predict international gold prices could reach $6,000 per ounce by end of 2026, supported by inflation, geopolitical risks, and central bank buying.