India, the world’s second-biggest consumer of gold, will evidence a surge in its demand during the festival season due to aggressively low import duty.
The easy availability and low cost, due to which the import duty has been slashed drastically, are expected to continue buoyancy in gold demand during the festive season in India, as opined by some industry officials.
Higher demand in the world’s second-largest gold consumer could help push up globe prices as a spot struck record last week. Potentially, bigger gold imports will only worsen India’s trade deficit and place more pressure on the rupee.
