India Is Destroying The Gold Market This morning, India's Government has raised import duties on Gold from 7.5% to a whopping 12.5% in an effort to deal with their massive current account deficits and a depreciating Rupee.
Since India is the world's largest market for consumer gold jewellery, investors will now pay the price for the Modi Government's decision to raise taxes and duties on it.
Perhaps it could explain why Gold Futures have been tumbling as opposed to appreciating lately.
I hope India is happy, they ruined the Gold industry.
Source: "The Economic Times" - https://economictimes.indiatimes.com/news/economy/foreign-trade/india-raises-import-tax-on-gold-to-12-5-from-7-5/articleshow/92588067.cms