​India Reports Record Gold Imports In August – Tyler Durden

India Reports Record Gold Imports In August By Mike Maharrey of MoneyMatals.com India reported record gold imports in August after the country slashed its import duty the month before. India ranks as the world’s second-largest gold consumer behind China. In July, the Indian government cut taxes on gold and silver imports by more than half, lowering duties from 15 percent to 6 percent. The domestic gold price fell 6 percent month-on-month after the lower duty went into effect, even as the dollar price of gold increased. As expected, the government’s move spurred a big jump in gold demand. India reported…  — Continue at ZeroHedge News : Read More