Asia Gold-China demand buoyant, India ramps up purchases

* Gold imports flowing into China over past few weeks- MKS PAMP

. * Indian banks importing more gold since market at premium-dealer

. * Domestic prices in Japan hovering near historic highs- trader

. By Rajendra Jadhav and Seher Dareen

. March 3 (Reuters) - Physical gold prices traded at a premium in India this week, as a drop in domestic rates encouraging buying, while top consumer China saw healthy demand and fresh imports in the region.

. The People's Bank of China controls the amount of gold entering the country via quotas to commercial banks.

. "We heard from the marketplace that quotas to import had been approved," Bernard Sin, regional director, Greater China at MKS PAMP, said.

. Sin highlighted that gold imports have been steadily flowing into the China Free Trade Zone over the past several weeks, as Chinese investors look to diversify their holdings.

. Premiums in China held firm at around $25 to $30 an ounce over global benchmark spot prices versus $30 to $40 last week.

. In India, the biggest consumer after China, dealers were charging a premium of up to $1 an ounce over official domestic prices, inclusive of the 15% import and 3% sales levies, versus last week's discount of $1.5.

. "Retail demand has been improving in the past few days following correction in prices," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsingji.

. Local gold prices were trading around 55,800 rupees per 10 grams on Friday, down from an all-time high of 58,847 rupees hit last month.

. Banks were not importing gold in the past few weeks, but they have now resumed since the market is in premium, said a Mumbai-based dealer with a private bullion importing bank.

. "Even refiners have started imports."

. Premiums in Singapore ranged between $1.50 and $2.50 an ounce, while in Hong Kong they were around $1.50 to $3.50. In Japan, gold traded between being flat and a $0.5 premium against global rates.

. While demand was quiet, there was decent selling interest as the price of gold in Japan hovered close to its historical high, a trader said. (Reporting by Arundhati Sarkar, Kavya Guduru and Swati Verma in Bengaluru and Rajendra Jhadav in Mumbai; Editing by Shilpi Majumdar)

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Asia Gold-China demand buoyant, India ramps up purchases

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