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Struggling to adapt: GST could dampen gold demand in short-term, says WGC

Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of

Reuters  |  Mumbai 

A hike in taxes on gold sales in India could pressure short-term demand from the world's No. 2 consumer of the precious metal, the World Gold Council (WGC) said in a report.   Faltering appetite in a country where gold is used in everything, from investment to wedding gifts, could drag further on global prices, already trading near their lowest level in 7-weeks.   "In the short-term at least, we believe (the tax) may pose challenges for the industry. Small-scale artisans and retailers with varying degrees of tax compliance may struggle to adapt," the WGC ...

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First Published: Thu, July 06 2017. 14:41 IST