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Gold records biggest discount in 7 months, higher prices hurt retail demand

Prices have risen due to GST, under which tax rate jumped to 3% from 1.2% previously

Reuters  |  Mumbai/Bengaluru 

Gold prices in India this week recorded the biggest discount in seven months as a rebound in prices curtailed retail demand, while lower premiums in other Asian centres failed to lure customers amid the seasonal slowdown. "In the local market, prices have risen due to the GST (Goods and Services Tax) and a rally in overseas prices. Consumers are not comfortable with the price rise," said Mukesh Kothari, director at bullion dealer RiddiSiddhi Bullions in Mumbai. As part of a new nationwide sales tax regime that kicked in on July 1, the GST on gold has jumped to 3 per ...

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First Published: Fri, July 28 2017. 17:36 IST