Koos Jansen
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Koos Jansen
Posted on 30 Jun 2014 by

India Expected to Cut Gold Import Duties

Play the video in slow motion and fish for clues about Indian gold import duty cuts.
[youtube https://www.youtube.com/watch?v=3eta-Vqvfko]
Merill Lynch has said in a note it expects the government to lower the import duty on gold in India by 2 % on a short notice. If gold import duties are being cut, now at 10%, that would likely increase (official) Indian gold import.

We’ve been hearing these rumors about Modi, India’s new prime minister, to cut gold import duties for weeks now. Let’s see if it will finally happen.

Koos Jansen
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  • ramu

    2% is too low, 5% down should have been better. But with oil prices up due to Iraq and food prices up due to bad monsoon rains this year(50% less), govt is in stress which is likely to increase. Also, inflation is up and so rate reduction chances are now gone. Inflation is likely to stay up. People however are still buying gold. I am not an expert on gold export in Switzerland, but I read that in May, export to India is now higher than export to Hongkong/China. So gold demand is picking up slowly.

    • Zhang An Ping

      …. and the price is falling slowly

      Again, I have no wish to simply regurgitate Keith Wiener’s views, but he has the inside track on this market and his most recent two analyses have been both incisive and spot-on:


      ” The counterbalance to the inrush of speculative money is the decreased demand for real metal and/or increased supply coming to market. What is the proof of this assertion? The fact that the basis rose and the cobasis fell is the proof.

      Silver is looking increasingly likely to drop a few dollars.”


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