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Indian Gold Panic Buying

|Includes:SPDR Gold Trust ETF (GLD)

India didn't decrease its import taxes from 10% to 6%.

Result: panic buying among the jewellers to restock gold, because Indian gold premiums will skyrocket again.

Of course, in the long run, this is not good for Indian gold imports. So official Indian gold demand will not strengthen due to these 10% import taxes. Smuggling on the other hand is going to continue.

First reaction: gold surges.

Stocks: GLD