Indian dealers offered discounts on physical gold purchases for a third straight week as higher domestic prices depressed jewellery demand in most Asian centres and prompted selling to take advantage of elevated rates. "Demand is very weak due to higher prices and the monsoon season," said Ashok Jain, owner of Mumbai-based gold wholesaler Chenaji Narsingji, adding that buyers were waiting for a price correction. Local gold prices in India were at their highest since June 20 this week, tracking gains in global benchmark rates. Indian dealers offered a discount of up to $6 an ounce over official domestic prices — ... (full story)