Now Buying Gold is More Expensive

22 January 2013

The government has raised import duty on gold by 2% to make it 6%. This would translate to a hike of approximately Rs 400 to Rs 700 on 10 grams of gold. Majority of India's gold requirements is met through imports. In the last quarter, heavy gold imports pushed the country's trade balances to uncomfortable deficit levels. The government has been appealing to the people to cut down on gold purchases.

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