India raises import tax on gold to support rupee
India has raised its basic import duty on gold to 12.5% from 7.5% as the world's second biggest consumer of the precious metal tries to dampen demand and bring down the trade deficit.
VIDEO: Goldman’s ultra-bearish, ‘cocky’ gold call
“Once we get past this stalemate in Washington, precious metals are a slam dunk to sell,” Goldman Sach’s head of commodities research Jeffery Currie said at a conference today in London.
Currie claimed that “significant” economic recovery in the US and the tapering of QE will increase downward pressure on gold, taking the price to $1,050/oz by year’s end.
But for the moment, as the US government shutdown drags into its second week, gold is holding steady at around $1,320/oz.
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Comments
SamLowrey
tapering……ROFLMAO!