India's gold imports see massive drop gold imports India
India's gold imports plummeted 76% in January from a year ago as demand dropped due to rising local prices and higher import duty, Reuters reported.
Higher gold prices also started to weigh on demand in January, with local gold futures rising to a record high of 57,270 rupees per 10 grams. According to the new budget, the basic customs duty on silver was raised to 10% from 7.5%, and Agriculture Infrastructure and Development Cess on imports to 5% from 2.5%.
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