In India, dealers this week offered discounts of up to $21/ounce on domestic gold prices (including 6% import tax and 3% sales tax), down from last week's discount of up to $43/ounce - the highest in a year.
According to Reuters, India's domestic gold price was trading around 122,500 rupees/10 grams on Friday, down 4.3% from last week's 127,941 rupees.
"A week ago, prices skyrocketed, but this week the prices decreased, causing buyers confusion. Now everyone is waiting to see if prices will fall further," said a goldsmith in Kolkata.
The wedding season has begun, but gold traders have seen weaker-than-usual demand as the recent price increase has made buyers hesitant, forcing them to not want to store, according to a gold dealer in Mumbai at a private bank.
The wedding season is the main driver of gold demand in India, as gold jewelry is an important part of the bride's outfit and is also a popular gift from family and guests.
In China - the largest consumer market, gold is traded at a price level or discount of about 5 USD/ounce compared to the global spot price.
People still want to buy gold for long-term investment, but they are hesitant at current prices and waiting for a stronger correction to enter the market, said Peter Fung, head of trading at wing Fung Precious Metals.
Switzerland's gold exports in October fell about 11% compared to the previous month, according to customs data released on Thursday, due to high prices curbing demand from China.
In Singapore, gold this week is traded at a combination of 1.50 to 2.50 USD. In Hong Kong (China), gold is sold at the same price or at a value of 1.8 USD.
In Japan, gold is sold at the same price or at a value of $0.50/ounce compared to the spot price.
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