India offers gold discounts

Gold was sold at a discount in India as demand remained subdued for a fourth straight week while buying in the rest of Asia picked up as prices fell for a third consecutive week.

“Many consumers are busy in paying advance tax. Since this is last month of the fiscal year, they have to pay taxes by March end,” said Ashok Jain, proprietor of Mumbai-based Chenaji Narsinghji. India's fiscal year runs from April to March.

Dealers in India were offering a discount of up to $3 an ounce over official domestic prices, compared with a premium of $2 last week. The domestic price includes a 10 percent import tax. In the local market, gold was trading at 30,405 rupees per 10 grams, after hitting a 15-month high of 30,839 rupees last month.