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India surprised everyone. They did not remove the tax on gold and in fact increased it. India is the number-one consumer of gold jewelry. Sales have declined recently because many expected the tax to be lifted. A near 10% tax on gold has been rather high. Nevertheless, the government sees this as a capital outflow.
https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/india-fails-to-lower-tax-on-gold/
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