Physical gold buying wanes in major Asian centres

BENGALURU, Sept 16 (Reuters): Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.

In India, the world's second-biggest consumer of the metal after China, gold was being sold at a discount of up to $2.0 an ounce over official domestic prices this week, compared with a premium of $1.0 last week. The domestic price includes a 10 per cent import tax.

"The market lost momentum due to the price rise. Buyers are waiting for prices to fall below $1,200," said Harshad Ajmera, proprietor of JJ Gold House of Kolkata.