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Los Angeles CA, May 21 (Tangible Investments) - by James O’Dell - The gold price turned higher on Tuesday, as the yellow metal inched up $1.42 or 0.11 percent to close at $1,293.83 an ounce, after a report by the World Gold Council (WGC) that gold consumption in India is set to increase in the second half of 2014. Silver added $0.05 or 0.26 percent to close at $19.39 an ounce, while the gold/silver ratio fell to 66.73.
 
Gold bulls around the world were pleased by the outcome of India's parliamentary elections last week when the Bharatiya Janata Party (BJP), led by Narendra Modi, won with a 282 seat majority. It was a landslide victory and the biggest win by a single party in 30 years. With the newly elected ruling party unconstrained by coalition politics, investors are looking to the BJP to live up to a recent promise it made to review India's current draconian import duties on gold, if it won the election.
 
"The BJP has promised to review gold import duties within three months of coming to power,'' said Radhika Rao, of DBS. Indian gold imports plummeted 20 percent last year, while jewelry and investment demand rose 13 percent, according to the WGC. Gold premiums in India, since the imposition of the 10 percent import tariff, have soared more than $100 an ounce above the global benchmark, and it has sparked a dramatic increase in smuggling.
 
"Our current expectation is that any policy review would allow monthly gold imports of an average of 50-60 tons a month and a reduction in import duty as well," said Sudheesh Nambiath, of GFMS, which would approximately double the current volume of imports. "The change (in gold policy) is inevitable because Modi seems to be pro-gold," said WGC's Albert Cheng. “India demand will pick up very fast this year,” added Cheng. “Indian people don’t buy gold to speculate, it’s a necessity.”
 
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