Despite price fall, domestic gold trading at a discount to imports

The bullion market has turned to discounts despite gold prices having fallen significantly in the country, chiefly owing to a sharp increase in the import of the metal in the guise of platinum alloy.

On Friday evening, gold was quoting at around $1,654 an ounce in international markets.

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7.

Increase in gold import duty to 15 per cent in July and the sharp fall in the value of the rupee against the dollar have kept gold prices comparatively elevated in the