Gold is, trading at 1683.75 at this writing. The yellow metal is trading within in a very tight range of 1691 – 1693, edging up and down without any particular direction and little volume. India is already increases the import duty on gold imports in an effort to slash its bulging current account deficit. The tactic is same as the older one that the government has used before. This time, the rate was increased from 4 percent to 6 percent. Jewelry demand in India fell 11 percent last year, according to Societe Generale, which believes that the decline could have more to do with fears of a weak monsoon season and volatility in gold prices than with tax increases. However, the firm also pointed to small bar demand, which usually steals market share from the jewelry sector in times of uncertainty or rising prices. But last year, demand for that product also dropped by 26 percent.
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