India, the world's biggest buyer of gold, raised import duty on dore bars and ores to 5 per cent from 2 per cent, a day after increasing tax on processed yellow metal to 6 per cent.
Most of the 100 tonnes of dores imports is consumed by MMTC PAMP and Rajesh Exports. India's total annual gold consumption is about 900 tonnes.
Rising import of the yellow metal has been worrying the federal government battling with a record high current account deficit, which hit its highest of 5.2 per cent to the gross domestic product in the September quarter.
Copyright @ Thomson Reuters 2012
Most of the 100 tonnes of dores imports is consumed by MMTC PAMP and Rajesh Exports. India's total annual gold consumption is about 900 tonnes.
Rising import of the yellow metal has been worrying the federal government battling with a record high current account deficit, which hit its highest of 5.2 per cent to the gross domestic product in the September quarter.
Copyright @ Thomson Reuters 2012
