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Gold’s relationship with the Indian rupee

Posted on 20 August 2013

According to Reuters, India hiked the import duty on gold yet again to a record 10% last week and raised excise duty on the metal, as imports jumped in July despite the government’s attempts to strangle supply and curb demand to rein in dollar spending.
This decision resulted in a further rally, and gold prices in India rose to their four-month high on Friday. Today, the yellow metal extended gains and climbed up to over 86,000 rupees per ounce, which is gold’s highest level since April 10………………………………………..Full Article: Source


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