India warned to curb passion for gold

The finance minister of India, the world's largest buyer of gold, said yesterday the country must control its spending on the precious metal to balance trade and channel resources to more productive areas.

The comments of Palaniappan Chidambaram, who is on an official visit to Hong Kong, came as India increased its import duty on raw gold to 5 per cent of value from 2 per cent, and processed gold to 6 per cent from 4 per cent.

via Business feed http://www.scmp.com/business/commodities/article/1133947/india-warned-curb-passion-gold