The recent India's decision to raise tariffs on gold and silver imports continues to serve as a bearish catalyst for gold markets. These tarrifs may put pressure on gold consumption in India as gold has already become more expensive due to weak rupee. China is using the pullback in gold prices to diversify its reserves. Meanwhile, other central banks may be forced to sell gold to provide support to local currencies, which have found themselves under pressure amid high oil prices. The technical picture remai ...