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Nov 3 - Physical gold dealers in India offered discounts for a fourth consecutive week as consumers shied away from making purchases due to higher domestic prices, while top consumer China also saw muted demand.
"The market was cruising along pretty nicely in the first half of October, but then the price hike came along and threw a wrench in the works. Now, we're seeing demand lower than usual," said Amit Modak, CEO at jeweller PN Gadgil and Sons, in the city of Pune. Jewellers have become pessimistic about demand during the upcoming Diwali festival due to the price rise and are hesitant to make purchases, said a Mumbai-based dealer with a private bullion importing bank.
In China, premiums over global spot prices were quoted at $25-$40 per ounce, little changed from last week.
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