India gold imports climb

India has traditionally been the world’s largest gold buyer, overtaken last year by China after the Indian Government introduced over 10% taxes on gold to try and improve their current account deficit.  That looked to have worked as they’re heading toward a 55% reduction in their deficit.  But off a low of only 3t in August, December rose to 25t and January higher again to 38t with year to date at 515t.  Amidst growing hope the tax will be abolished, all eyes will be on what the number are for the next couple of months and whether the world’s biggest consumer re-enters an already tight market.