| Gold demand in India was down 28 per cent at 195 tonnes (271 tonnes) in the third quarter on the back of high prices and Government policies targeted at diverting physical gold demand into financial products linked to gold.
The Central government recently levied excise duty of 1 per cent on gold jewellery, besides making PAN card disclosures mandatory for purchase of gold above ?2 lakh. The voluntary income disclosure scheme also instilled a fear factor on consumers and had a negative impact on overall demand, said Somasundaram PR, MD (India), World Gold Council...........................................Full Article: Source
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