Wholesale dealers have this week reported premiums over the spot gold price of around $3 an ounce in Hong Kong and Singapore, and as high as $10 in Mumbai.
London Gold market report
Gold drifted lower towards $1460 an ounce Friday morning in London, having climbed to its highest level since last week's price drop at $1485 during Asian trading.
"The next resistance level is $1487," says a note from technical analysts at Scotia Mocatta published late Thursday.
"Should we trade through that, we believe it will open up a full retracement to the $1522 lows...support is at $1322."
Silver meantime rose as high as $24.86 an ounce in Friday's Asian trading before ...