India's gold dealers deepen discounts to jewellers

Mumbai

GOLD dealers in India, the world's largest bullion market after China, have deepened discounts to jewellers by as much as seven-fold after a surge in global prices cooled demand and amid speculation the government will cut import taxes in the budget on Monday.

Reductions have widened to US$30 an ounce below London cash prices from as little as US$4 at the time of the Hindu festival of Diwali in November, said Bachhraj Bamalwa, a director at the All Ind…