Gold traded at a discount in India this week for the first time in nearly two months, as demand waned following the conclusion of key festivals, while other major Asian markets saw stronger buying interest amid a dip in global prices.

Local dealers in India offered discounts of up to $12 per ounce on domestic prices,  which include a 6% import duty and 3% sales levy  compared with premiums of up to $25 a week earlier.

“Price volatility has slowed demand, and some investors are cashing in by selling coins they bought for a profit,” said Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji.

Domestic gold prices eased to around ₹121,500 per 10 grams, retreating from a record high of ₹132,294 earlier in October. Global spot gold prices were also on track for a second consecutive weekly decline.

The shift comes after the Dhanteras and Diwali festivals, traditionally among India’s busiest periods for gold buying.

Following the festive rush, jewellers have reported a sharp decline in customer footfall and have slowed stock-building ahead of the November wedding season, according to a Mumbai-based dealer at a private bank.

Meanwhile, other key Asian markets recorded firmer premiums this week as lower global rates spurred renewed interest from buyers.