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Express News | The U.S. PPI recorded its largest increase since 2022, driven by rising energy costs.
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Stock Market Movements | Gold stocks generally under pressure as US April CPI data surpasses expectations across the board; markets continue to focus on geopolitical tensions between the US and Iran.
Gold stocks are generally under pressure. As of press time, Lingbao Gold (03330) fell by 3.53%, trading at HKD 22.44; Shandong Gold (01787) dropped by 2.9%, trading at HKD 29.44.
India significantly raised the import tariffs on gold and silver to 15% in a bid to curb imports and strengthen the rupee.
India announced an increase in import duties on gold and silver from 6% to 15%. Prime Minister Modi appealed to the public to avoid purchasing gold for a year to alleviate the trade deficit and help protect foreign exchange reserves. As the world's second-largest consumer of precious metals, industry insiders anticipate that the significant rise in tariffs will lead to a further decline in compliant imports, directly suppressing physical gold demand.
Express News | India raises basic customs duty on gold and silver imports from 5% to 10%.