For over 3,000 years, the most reliable asset for wealth protection has been physical gold and silver bullion.
Articles Tagged "india"
India is known primarily as a gold consumer, but the country does produce a little of the metal.
Mineweb reported yesterday that the Indian government has eased gold import restrictions. The move allows some of the country's banks in the private sector to buy the yellow metal from abroad.
Gold was on a winning streak, last week reaching a six-month high. But its gains were not to last — the yellow metal has steadily been shedding any progress it made.
Mineweb reported that on Monday, in response to a call from the Bombay Bullion Association and India Bullion and Jewellers Association, retailers and jewelers in India went on strike to protest the restrictions the government has placed on inbound gold shipments.
The Wall Street Journal reported yesterday that before the end of the month, India will likely reduce its gold import tax to between 6 and 8 percent. Currently, the tax sits at 10 percent.
Demand for gold jewelry, bars and coins hit a record high last year, according to the World Gold Council's latest Gold Demand Trends report. The report also confirms that last year Chinese gold demand surpassed that of India for the first time.
Figures released by the China Gold Council and Thomson Reuters GFMS have analysts wondering if China managed to overtake India as the world's biggest gold consumer in 2013.
Xinhuanet reported that according to data from the China Gold Association, China's gold consumption came to 1,176.4 tonnes in 2013 — that's a 41.36-percent increase from the previous year.
Reuters reported that J.D. Seelam, a junior finance minister in India, said that the country has no plans to lower its gold import tax, at least at the moment.