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India readies new curbs on gold imports

FXStreet (Mumbai) - India is likely to announce fresh curbs on gold imports next week after both, the official data in India as well as the data from the World Gold Council indicated a surge in demand in the third quarter of the calendar year 2014.

India’s trade deficit concerns were renewed after the official data revealed that the gold imports surged fourfold in October from a year earlier to USD 4.18 billion. Officials from the finance ministry and Reserve Bank of India (RBI) were considering whether to reimpose import restrictions on "star trading houses" that were eased earlier this year.

Moreover, analysts are worried that the positive effect on the trade deficit from the fall in the oil import bill would be negated by the surge in Gold imports.

Gold prices may receive a set back if India does impose fresh restrictions on Gold imports, although aggressive debasing of currencies by major central bankers is likely to support the yellow metal.

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