Zero tax on gold imports from least developed countries takes the glitter out of the domestic market

The continued import of gold (or unrefined gold) by some refiners at zero duty from the least developed countries (LDCs), despite the government’s warning against it, is hurting the domestic market. The bullion trade has been suffering from illegal imports for more than a year, with the yellow metal trading on the official market at a discount of around $25 per ounce compared to import costs for several months.