September 22 2017
Gold buying in the world’s No.2 consumer market of India is running at just half typical September levels according to press reports, with dealers blaming a change to the country’s anti-money laundering rules for weak sales ahead of next month’s peak Diwali festival demand.
With Indian households accounting for around one-quarter of all gold buying globally over the last 5 years, so-called “Know Your Client” rules have since 23 August required people to give their tax-code I.D. when buying more than 50,000 Rupees of gold – down from a previous floor of Rs 200,000.