- The import duty on bars of refined gold is upped to 10% from 8% and on silver to 10% from 6%, reports the FT and Reuters.
- The move follows yesterday's pledge from the finance ministry to cut the nation's current account deficit with a curb in demand for precious metals cited as a key measure.
- Demand for the metals is a headache (embarrassment?) for the government as it tries to combat a rupee which recently fell to a record low against the dollar.
- Gold is off marginally to $1,329 per ounce, with silver up a bit to $21.50.
- GLD -0.7%, SLV +0.2% premarket.
- Other gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
- Other silver ETFs: SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
Another attempt by India to curb gold demand
Aug 13 2013, 07:16 ET