You are here: Home » Markets » Commodities » commodity gold
Business Standard

As trade deficit falls, Centre may reduce import duty on gold: Official

India's trade deficit narrowed more-than-expected to $12.96 billion in June

Reuters  |  Mumbai 

India's falling trade deficit is giving the world's second-biggest gold consumer room to lower its import duty on bullion, a commerce ministry official said on Thursday. A reduction in import duty would make gold cheaper in the local market and could boost demand, supporting global prices now trading near their highest in six weeks. Spot gold prices are rebounding this month after posting their first monthly loss for 2017 in June. A lower import duty would also help in curbing gold smuggling, which the industry says is likely to rise after the hike in sales tax on gold ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, July 28 2017. 08:43 IST