India's Love Affair With Gold Tested as Tax Fight Spurs Shutdown

  • Stores shuttered nationwide to protest plan for excise duty
  • Dispute pits Modi government against nation's jewelry trade

Jewelers strike to protest against increased excise duty on gold in Gurgaon, India on March 2.

Photographer: Hindustan Times via Getty Images

India’s thriving gold markets have gone strangely quiet. Shops are shuttered across the world’s largest consumer after China and would-be customers are getting frustrated in a country that adores bullion.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.