India's Smuggled Gold Problem Worsens; Indian Gold Bullion Turns Around

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Gold smuggling has apparently become so bad in India, that  “[whistleblowers] who help bust illegal gold shipments can get a bigger reward than those who help catch cocaine and heroin smugglers,” according to a recent article on Mineweb.

“In the biggest ever catch at the Hyderabad airport, customs officials have seized 18 kilograms of gold and arrested three people. Gold bars worth over $804,826 (Rs 50 million) were seized on Friday at the international airport from passengers trying to smuggle in the precious metal.”

“The trio had arrived from Singapore and were hiding the gold bars in their trousers and shoes. The 18 gold bars weighed one kilogram each. The gold was destined for Chennai in South India.”

In metal price news for precious metals…

Weakening prices changed direction when the price of Indian gold bullion rose 1.8 percent on Thursday, December 19. The price of Chinese gold bullion fell to a 30-day low after shifting 1.0 percent. US gold bullion ended the day after the 1.0 percent drop on Thursday. Japanese gold bullion finished the day down 1.0 percent.

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After a 1.7 percent increase, Indian silver finished the day. The price of Chinese silver declined 1.7 percent, after two days of improvement. US silver prices saw a 1.1 percent decline. After a couple of days of improving prices, the price of Japanese silver held steady.

The price of Chinese platinum bar declined 1.1 percent. The price of US platinum bar fell 1.0 percent. Japanese platinum bar closed 0.8 percent lower.

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Japanese palladium bar fell 1.4 percent yesterday. Chinese palladium bar ended the day, after the 0.6 percent drop on Thursday. US palladium bar prices saw a 0.3 percent decline.