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India may curb gold imports

FXStreet (Mumbai) - India is likely to announce curbs on gold imports by private trading firms, since the country witnessed a surge in gold imports in the third-quarter.

As per the World Gold Council (WGC) data, India surpassed China to regain the number one spot as the biggest consumer of Gold in the third-quarter of this year. Meanwhile, a top ministry official in India revealed October shipments in India compared with under 25 tonnes a year earlier and 143 tonnes in September.

Moreover, the hunger for Gold in India stems from high inflation and cultural needs. The gold imports had surged 450% in September to USD 3.75 billion, thereby threatening to widen the current account deficit. Hence, the government official and the central bank are considering measures that would restrict imports by private trading firms, which started importing gold around the middle of this year after being barred from doing so from July 2013.

Gold traded 0.07% higher at USD 1559.9/Oz levels at the time of writing. Off-late the yellow metal has been hit hard by the surging US Dollar and fall in hedge demand due to the falling inflation expectations across the developed economies.

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