Gold in India trades at discount for first time in weeks amid festival pause

Gold in India was sold at a discount of up to US$12 per oz this week — the first time in seven weeks — as festival-season buying slowed and premiums eased in key Asian hubs. Global spot gold is set for its third monthly gain, but the firm U.S. dollar and elevated yields are keeping a lid on upside. Indian dealers point to weaker footfall after the recent festival surge and a reduction in jewellery stock-building ahead of the wedding season.