India Gold Demand Buoyed by Import Tax Cut Before Wedding Season
Indian gold demand looks set for a strong few months as a cut to the import tax and what’s likely to be a buoyant festival and wedding season drive purchases in the world’s second-biggest consumer of the precious metal.
Imports more than tripled to 140 tons from the previous month, according to the World Gold Council, as the government lowered the customs levy to 6% from 15%.
The positive trend is likely to continue as a bountiful monsoon this year has brightened crop prospects, potentially boosting disposable incomes of farmers — a major consuming group.
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