India's gold duty hike triggers record discounts, stock slump
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India's recent hike in gold import duty has led to record domestic discounts of $207 an ounce, prompting significant investor selling. Consequently, shares of major jewellers have dropped by up to 15% due to anticipated weaker demand and increased import costs. Additionally, the higher margins for grey-market operators may encourage illegal gold imports, posing a threat to official trade channels.
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