GCC: Buying gold becomes cheaper
It just got cheaper for people in GCC countries to buy gold. The Indian government recently raised import duties on gold to 12.5 percent, up from 7.5 percent, and Shamlal Ahamed, managing director of international operations at Malabar Gold and Diamonds, said this move has made buying gold comparatively more affordable in the Gulf region.
“This hike has increased the gold price difference between the GCC and India. The gold price in the GCC will get more attractive than in India, with a saving of 12 to 15 percent. The weakening Rupee will further increase the gold rate in India.
India’s gold import duty hike came into effect on 1 July. The country is the second-largest consumer of gold, and fulfills a large portion of its demands through imports.
