- India’s gold imports tanked in August, courtesy of the rise in the import duty.
- The drop in Indian gold imports may not have a big impact on gold prices.
Indian Gold imports in August fell 73% from a year ago to hit the lowest level in three years as the hike in import duty and record highs in local prices curbed retail demand, a government source said on Wednesday, according to Reuters.
India imported 30 tonnes of Gold in August, down from 111.47 tonnes a year ago, the source said.
A drop in imports by the world’s second-biggest consumer may not weigh over Gold prices unless markets scale back dovish Federal Reserve expectations. The central bank is expected to cut rates by 25 basis points in September.
As of writing, the yellow metal is trading at $1,544 per Oz. Technical charts show $1,550 is the level to beat for the bulls.
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