Asia Gold: Demand dull as price-wary consumers stay on sidelines

Physical gold demand lacked vigour this week in top Asian hubs as high domestic prices suppressed appetite for the metal, with prices in India swinging to a discount for the first time in three weeks.

"Wedding season demand has been waning and retail consumers are waiting for a correction in prices.

Dealers in India were offering a discount of up to $1 an ounce from official domestic prices this week, compared with a premium of $1.50 last week.

"The depreciating rupee is making gold expensive for Indian consumers. Jewellers are confused about the price trend and waiting for prices to come below 31,000 rupees," said a Mumbai-based dealer with a bullion-importing private bank.

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