China prices at 2 discount to 9 premium this week
Gold prices in India rose to a onemonth high this week
China39;s central bank adds more gold to its reserves in December

Jan 9 Reuters Gold discounts in India rose this week as consumers refrained from buying as local prices hit a month39;s high, whereas the upcoming Lunar New Year festival stimulated gold buying activity in other major Asian markets.

Indian dealers offered a discount of up to 17 an ounce to official domestic prices, inclusive of 6 import and 3 sales levies, up from the last week39;s discount of 14 an ounce.

Prices are high, so buyers are holding off on purchases. Anyway, the inauspicious Khar Mass month in Hindu calendar is still going on, an Ahmedabadbased jeweller said.

In India, domestic prices rose to 78,360 912.41rupees per 10 grams on Friday after falling to 75,459 rupees last month.

Jewellers were on the sidelines due to volatility in the Indian rupee and overseas gold prices, said a Mumbaibased bullion dealer with a private bank.

The rupee depreciated to a record low this week, effectively making shipments expensive for India, which fulfils most of its demand through imports.

International spot gold prices hit fourweek highs this week.

In China, the world39;s top gold consumer, dealers quoted discounts of 2 per ounce to 9 premium on spot rates , down from the premiums of 4.50 to 10 charged last week.

The Year of the Snake approaches, arguably an auspicious year and a perfect backdrop…