For India, gold seems to be a way of life and is featured prominently in several festivals and cultural events. According to the World Gold Council, India is the world’s biggest importer of the metal and purchased 863 tons of gold last year. However, all of that gold buying has significantly hurt the nation’s account deficit. In the face of India’s poor economy, that’s a major issue.
In order to combat this issues, the Indian government has set fourth an aggressive stream of tariffs designed to reduce the nation’s gold buying frenzy.
Who doesn't want cheaper gold??
I can tell you, from my wife and her family perspective (yes she's indian), this is a great buying opportunity especially in the US and Canada! :clap:
Cheap metal...wow...cheap gold! Why is this such short term bad thing?