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