India’s gold market faces continued headwinds as domestic prices surge to 77,947 rupees per 10 grams, driven by the rupee’s record depreciation. Dealers maintain $14/oz discounts while religious observances (Khar Mass) further dampen demand. Conversely, Chinese markets show optimism with premiums jumping to $4.50-$10/oz, up from $2-$5, as Lunar New Year approaches. Despite regional jewelry sales slowdown, physical bullion demand remains strong, indicating a shift from ornamental to investment purchases. Other Asian markets show varied activity, with Singapore seeing festive buying and Hong Kong/Japan trading near spot prices.