Elevated local gold prices in India have led to a decline in consumer demand, with dealers offering discounts for the fourth consecutive week. Dealers in India offered a discount of up to $9 per ounce over official domestic prices, attributing the reduced demand to recent price hikes. Local gold prices surged to 61,539 rupees per 10 grams, close to the all-time high recorded in May. Pessimism among jewellers about Diwali festival demand further hampers purchases. In China, despite easing measures, gold imports remain sluggish, with premiums quoted at $25-$40 per ounce. The global gold market continues to respond to varying premiums and discounts.