India’s fin sec speaking earlier

  • no need to review the rule imposed last year mandating exports of a 5th of all gold imports
  • says the rule is “working fine”

No impact on current price. Posted for info

India raised its gold import duty to a record 10% and made it compulsory to export a fifth of all bullion imports

Gold is India’s second biggest expense, after oil, on the import bill

Gold bouncing to 1282 after the earlier dip to 1276.80 when I noted good demand at 1275