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rediff.comChina's gold imports climbed to their highest level in two years in May. Hong Kong recorded a sharp increase in gold bar inflows ahead of a new clearing system launch.
Prime Minister Narendra Modi announced a seven-point austerity plan that raises duties on gold and silver imports and calls on citizens to limit gold purchases as reserves decline.
CnbcThe Indian government has increased import duties on gold and silver to 15 percent. Officials said the move aims to reduce bullion purchases and protect foreign exchange reserves amid a weakening rupee, higher oil prices and geopolitical tensions. Industry groups stated the highe…