MUMBAI, Feb. 2 (Xinhua) -- Gold prices fell for the second day in India on Tuesday after a 7.5-percent customs duty cut on the precious metal was announced in the federal budget on Monday.
India's prevailing customs duty before the rate cut in the budget was 12.5 percent that had made exports uncompetitive leading to large Indian and non-resident Indian diaspora moving to Dubai and Hong Kong among other centers to buy jewellery, said an industry expert.
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