The new ruling Bharatiya Janata Party in India proposes a new national budget in July and gold analysts expect it will weaken tariffs placed on gold imports. The move would help curb the 200 to 250 tons of gold that World Gold Council managing director of investment Will Rhind says are being traded annually on the black market, market sources tell them. While Rhind tells TheStreet's Joe Deaux that they don't expect the new budget to completely lift the tariff on gold, they do suspect some relaxation to come down in July. Hear about what the unintended consequences of gold tariffs are doing in India.

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