News Headline Summary

According to Indian officials, government may raise import tax on gold to 5% from 4%

- Government likely to announce increase in import tax in a week.
- Government may increase import tax further to 6% in Federal Budget.

Update details:

- Last March, India doubled the tax on purchases of gold bars and coins to help narrow the current-account gap.
- According to the World Gold Council (November report), imports by India rose for the first time in five quarters in the three months to Sept. 30. Imports jumped 9% to 223 metric tons in the third quarter of 2012 from 205 tons a year earlier.

Print 10:39, 02 Jan 2013 - Commodities - Source: Newswires