India’s gold imports up 35.5% in Q1
“In volume terms, the country imports 800-900 tonnes of gold annually. To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on gold to 12.5 per cent from 10 per cent in this year’s Budget.”
USAGOLD note: Strong gold demand continues in India – all related to the weakening rupee. . .Apparently, the 12.5% duty has had only a marginal effect on reducing imports.
Repost from 8-15-2019