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Gold imports in August surge on duty-free buying from South Korea

India imposes a 10 percent import duty on gold

Reuters  |  Mumbai 

India's gold imports in August nearly tripled from a year ago, despite sluggish domestic demand as a recent tax change that allowed importers to ship in the yellow metal from South Korea without paying customs duty saw some traders purchasing heavily from the country, provisional data from consultancy GFMS showed. Higher purchases by India, the world's second biggest consumer, could support global prices, trading near their highest level in a year. It could also widen the South Asian country's trade deficit. The country's August gold imports climbed to an ...

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First Published: Tue, September 05 2017. 02:10 IST