Gold prices in India were at their widest discount to international prices in 11 months on Friday due to sluggish demand and an influx of the precious metal sourced from South Korea. Indian traders are likely to import 25 tonnes of gold from South Korea in July-August, taking advantage of a recent tax change that allows imports without the usual 10 percent customs duty, industry officials told Ripples Advisory.

South Korean supplies are distorting the market. Retail demand is still weak due to the price rise, a bullion dealer from Salem in the southern Indian state of Tamil Nadu. India had previously imposed a 12.5 percent excise duty on imports from countries with which it had signed Free Trade Agreements, such as South Korea.

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