India Tightens Gold Imports as New Tariffs Hike 4%-6%, Exceeding Local Price Rise

GateNews

According to Jin10, on May 15, India raised gold import tariffs and restricted import scale, causing flows to the world’s second-largest gold consumer to tighten significantly. The tariff increase of 4%-6% outpaces the domestic price rise, making imports and sales unprofitable in the near term, according to Sunil Kashyap, managing director at FinMet Pte Ltd. Domestic gold prices have not yet fully reflected the new costs as some traders offload inventory; however, short-term demand is likely to remain subdued.

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