Summary of this article
India doubles effective gold import duty to 18.45% amid CAD concerns
Narendra Modi urges households to avoid non-essential gold purchases
Wedding jewellery demand rises 15–20%, despite fears of weaker overall consumption
Will PM Modi’s Appeal and Duty Hike Trigger a Gold Rush or Gold Pause?
In FY12 and FY13, gold imports surged past $50bn annually, with quantities exceeding 1,000 tonnes and the CAD peaked at around 6.8% of GDP in December 2012, the rupee fell by roughly 20% between January and September 2013, and then finance minister P. Chidambaram made a similar verbal appeal to households to slow down purchases
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Will PM Modi’s Appeal and Duty Hike Trigger a Gold Rush or Gold Pause?
Will PM Modi’s Appeal and Duty Hike Trigger a Gold Rush or Gold Pause?
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