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Gold premiums in India fall to 4-month low on talk of import duty cut

Reuters  |  Mumbai 

Gold premiums in India, the world's second-biggest consumer of the metal after China, fell 17% on Friday to their lowest in four months as buyers postponed purchases on speculation over a possible cut in import duty next week. Premiums were quoted at $62 an ounce, a level last seen in the second week of October last year, compared to $75 on Thursday. Premiums hit a record $160 last month. Sonia Gandhi, has asked the government to review tough import restrictions on gold, which include a record 10 percent import duty, local media reported on January 23. India used to be the ...

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First Published: Fri, February 14 2014. 17:03 IST