Gold in India has gone up to a record high, because of the import duty that has been applied to the imports of gold and gold-related products.
The prices of Gold in India now include a 12.5% import tax and 3% GST tax. As India looks to tax produce that is not made in India.
The high prices prompted some Asian consumers to sell back physical gold stock this week in a hunt for profits, with cheaper silver emerging as a preferred investment.
Gold buying stagnated in India as local rates soared, though some investors used temporary price dips to buy, hoping to cash in on a further leg up.
A surge in low-quality gold is making its way to shop counters as retailers look to profit from this latest surge.