Physical gold dealers in India offered the steepest discounts in 10 months this week to lure customers, as a sharp rally in local prices squeezed demand in the world’s second-biggest bullion consumer. Local gold prices hit an all-time high of 57,125 rupees ($700.02) per 10 grams this week, forcing dealers to offer discounts of as much as $42 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, versus a discount of $24 last week. “Consumers are struggling to adjust with higher prices. Demand is very weak for the past few weeks even as the wedding season has started,” said Prithviraj ... (full story)