Gold discounts widest in 17 months, anticipates duty cut

Indian gold importers are offering a discount of up to $16 an ounce versus London prices, the widest in 17 months, as jewellers curtail purchases ahead of a possible cut in the import duty.



India, which vies with China as the world’s top gold consumer, raised import taxes on the metal to 10 percent in a series of hikes to August 2013 as policymakers scrambled to narrow a gaping current account deficit and arrest a free fall in the currency.



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Posted in: Indian Market Tips