Gold discounts in India widened this week as a rebound in global prices prompted buyers to postpone purchases amid a severe cash crunch, while demand across Asia remained subdued.

Spot gold rose to its highest in over two weeks on Friday on a weaker dollar and was set to end 2016 more than 9 percent higher, marking its first annual gain in four years. For the week, gold is up about 2.5 percent and is poised to register its best weekly gain since early June. 

In India, the world's No.2 consumer of the metal, dealers were offering a discount of up to $4 an ounce this week over official domestic prices that include a 10 % import tax.They offered discounts of up to $2.00 last week. 

In the local market, gold prices were trading around 27,600 rupees ($406.48) per 10 grams on Friday, after falling to 26,862 rupees last week, the lowest level since Feb. 2. 

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