WGC: India should not impose curbs on gold imports

Somasundaram PR, Managing Director of the Indian operation at the World Gold Council, warned the Indian government against tampering with its gold import duty or imposing other restrictions to support the Rupee, as the yellow metal was “not at the center of the current account deficit issue”, Reuters reports.

This comes after an Indian government document suggested that the Indian steel ministry is considering raising the import duty on steel to 15% in an effort to support the local currency.