Gold: Indian tariff hike weighs on demand – ING
ING's commodities strategists Warren Patterson and Ewa Manthey report that India, a key Gold consumer, has sharply increased import tariffs on Gold and Silver to support the rupee and foreign exchange reserves as the Iran conflict continues.
The increase in import tariffs on Gold and Silver in India is likely to reduce demand, leading to downward pressure on prices. XAUUSD and XAGUSD may experience bearish trends as market participants react to the news.
ING's commodities strategists Warren Patterson and Ewa Manthey report that India, a key Gold consumer, has sharply increased import tariffs on Gold and Silver to support the rupee and foreign exchange reserves as the Iran conflict continues.
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