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India Imported 33% More Gold in January to Beat Tax, Group Says

Gold imports by India, the world’s biggest buyer, probably jumped 33 percent in January as traders and jewelers rushed to stockpile before the government increased taxes to curb a record current-account deficit.

Overseas purchases may total 75 metric tons to 80 tons this month compared with 60 tons a year earlier, with bulk of the imports being made in the first three weeks, Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, said by phone. Domestic demand, which has weakened in the past week, may improve in February because of marriages, he said.