Delayed monsoon in India could derail small spurt seen in gold sales
By GCRU Gold News on Tuesday, June 3 2014, 09:25 - Permalink
With gold prices tumbling to a 11 month low, below the crucial $456 (Rs 27,000) per 10 gram in Mumbai given the weak trend in global markets, customers are thronging stores. The week ahead could get some support from the lower tariff value.
On Monday, the Indian government slashed the import tariff value on gold and silver to $408 per 10 grams and $617 per kilogram respectively, in view of the weakness in global bullion prices. The earlier tariff value on imported gold stood at $424 per 10 grams and silver at $650 per kilogram.