Confidence grows on Indian import duty cuts

Gold premiums have fallen to their lowest level in 4 months as Indian buyers became increasingly confident in a cut to the restrictive import duties next week.  From a record premium (over spot) last month of $160/oz, the world’s traditionally largest gold buyer, and now 2^nd largest to China is now only seeing premiums of $62 as people wait to see if the new rules come in.  At a time when China continues to snavel all it can get and the price rising for seven of the past eight weeks (something it hasn’t managed in two years) a reduction in India’s deliberate slowing tactic could have a significant impact on the global market.