Global physical gold at standstill; metal being diverted

摘要

The global physical gold market,except for account flows linked to exchangetradedfund activity, was said to be at astandstill this week by a variety of sourcesranging from bankers to end users.Market participants in India, the world’ssecond largest consumer after China, arediscussing how to pressure the governmentand achieve a reduction in the duty onrefined gold bars to 8% from 10%. Some arecalling for the tax to be halved to 5%.