Gold Imports by India Jump Fourfold as Tax Fear Spurred Stocking

India, which vies with China as the world’s top gold consumer, saw a fourfold increase in imports of the precious metal in May as traders stocked up fearing that the government would fix a higher rate for jewelry under a new national goods tax to be implemented from next month.

Overseas purchases advanced to 126 metric tons in May from 31.5 tons a year earlier,

Gold Imports by India Jump Fourfold as Tax Fear Spurred Stocking