Indian gold prices drop below pre-duty-hike levels
Domestic gold futures fell nearly 2 percent to 149,500 rupees per 10 grams as overseas prices declined. Dealers expect the price correction to boost physical demand and imports despite recent tariff hikes intended to curb overseas purchases.
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Gold futures in India fell 1.93% to 149,500 rupees per 10 grams on Wednesday. Prices reached their lowest level since May 5, dropping below levels seen before recent import tariff hikes. Lower prices may revive demand and increase imports in the world's second-largest bullion consumer.
