Physical gold demand in Asia got a fillip this week as consumers snapped up bargains after prices dipped across regions, with premiums in top consumers India and China rebounding to multi-month highs.

In China, premiums rose to their highest since early June at $5-$10 per ounce over global benchmark spot gold prices from the $1-$4 range last week.

"Gold demand in China was a little better when prices dropped; people rushed to buy gold. But now, it's a little quiet," said Ronald Leung, chief dealer for Lee Cheong Gold Dealers in Hong Kong.

Premiums of $0.80-$1.80 were charged in Hong Kong with an uptick in demand led by bargain hunters, while $1.20-$1.50 premiums were quoted in Singapore.

"We saw an increase of more than 60% in demand as compared to last week for both gold and silver. Many wholesalers and jewellers are also buying during this period," said Brian Lan, managing director at dealer GoldSilver Central.

In Japan, gold was sold on par with global prices, with some demand from investment and retail customers, a Tokyo-based trader said.

Gold futures closed higher Friday in daytime trading on the Shanghai Futures Exchange.

The most active gold contract for December 2021 delivery was up 1.9 yuan (about 29 U.S. cents) to close at 368.04 yuan a gram.

The total trading volume for eight listed gold futures contracts on the exchange was 133,075 lots, with a turnover of about 48.85 billion yuan. China launched gold futures in January 2008.