Another attempt by India to curb gold demand

|By:, SA News Editor

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.