India's Gold Discounts Narrow on Festival Buying, China Sees Weaker Premiums

• Physical gold discounts in India narrowed to $75/ounce from $83 last week, driven by festival demand and global price correction.
• Gudi Padwa and Ugadi festivals boosted retail demand, especially in western and southern India, with sales value up over 10% from last year.
• Rajesh Rokde of Gem & Jewellery Council noted strong customer participation and wedding purchases, estimating nationwide business at ₹22,000 crore.
• Globally, gold prices dropped over 10% since late February, but this hasn't fully revived physical demand in India yet.
• China's gold premiums fell to $10-$22/ounce, indicating softer near-term demand, while other Asian markets remained steady.