India had previously imposed a 12.5% excise duty on imports from countries with which it had signed FTAs, such as South Korea. Photo: Pradeep Gaur/MintMumbai/Bengaluru: Gold prices in India were at their widest discount to international prices in 11 months on Friday due to sluggish demand and an influx of the precious metal sourced from South Korea. Indian traders are likely to import 25 tonnes of gold from South Korea in July-August, taking advantage of a recent tax change that allows imports without the usual 10% customs duty, industry officials told Reuters. India had previously imposed a 12.5% excise duty on imports from countries with which it had signed Free Trade Agreements (FTAs), such as South Korea. Local gold prices jumped to Rs29,390 per 10 grams on Friday, the highest since 8 June.

Source: Mint August 19, 2017 06:22 UTC