Well, that was unexpected… Turns out Indian gold smugglers have decided to adopt a few new methods of smuggling “to sidestep a government crackdown on imports of the precious metal,” reports Reuters.
Apparently, “stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security” is all the rage.
“Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, dealers and individual customers are fanning out across Asia to buy gold and sneak it back into the country.”
“‘Gold and narcotics operate as two different syndicates but gold smuggling has become more profitable and fashionable,’ said Kiran Kumar Karlapu, an official at Mumbai’s Air Intelligence Unit. ‘There has been a several-fold increase in gold smuggling this year after restrictions from the government, which has left narcotics behind.'”
Indian gold bullion saw the biggest price decline of the day, dropping 4.6 percent to close on Tuesday, December 3. The price of Chinese gold bullion fell to a 30-day low after shifting 1.7 percent. The price of US gold bullion closed Tuesday, halting its two-day flat run with a 1.5 percent decline. Japanese gold bullion prices inched up 0.5 percent.
Indian silver fell 3.1 percent. After two changeless days, the price of US silver fell 2.3 percent. The price of Chinese silver declined 1.5 percent. Japanese silver gained 0.5 percent to finish.
The price of Chinese platinum bar fell 1.0 percent. Following a quiet couple of days, the price of US platinum bar fell 0.8 percent on Tuesday. Japanese platinum bar saw its price rise 0.2 percent.
Tuesday saw the price of US palladium bar drift down 0.8 percent after a couple of stagnant days. Chinese palladium bar prices saw a 0.6 percent decline. After a couple of days of improving prices, the price of Japanese palladium bar held steady.