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Spot gold prices rebounded to the highest in two weeks at $1,268.91 on Thursday after sinking to a five-month low last week.
In top consumer China, premiums quoted this week were about $10 an ounce to the global benchmark, little changed from last week's $9-$10 range.
There was also little demand due to a stronger yuan this week, Leung said.
Hong Kong premiums were unchanged from the previous week between 70 cents and $1.40.
"Jewellers are also taking a break. They will become active only in the first week of January," Shroff said.
Dealers in India were offering a discount of up to $2 an ounce this week over official domestic prices, unchanged from the previous week.
The domestic price includes a 10 percent import tax.
Local gold prices have risen 1.6 percent since falling to 28,055 rupees per 10 grams last week, the lowest level since July 17.
India's gold imports in November nearly halved from a year ago, industry officials and analysts said.