Asian Gold demand drops this week - Reuters

FXStreet (Mumbai) - Gold buying was slow this week in Asia even as global benchmark prices dropped from a three-month high, with the Chinese hooked on surging equities while demand in India stayed weak and was unlikely to pick up as the wedding season cools.

Chinese stocks climbed to fresh seven-year highs on Friday and looked set for their biggest weekly gain in two months.

Gold premiums in Hong Kong dropped to around 50 cents an ounce, from over a dollar last week.

Premiums for bullion over international spot prices dropped in Hong Kong while prices in India were on par with the global benchmark.

Indian prices were on par with the global benchmark, compared with discounts of up to $2 earlier this month. In the black market, gold was sold at a discount of up to $5 an ounce this week.