In economic news, an April reading of small-business optimism topped expectations, while import prices declined last month from the previous month, in line with expectations, amid declining oil costs.
Food and beverage import prices fell 3% last month, after rising 2.3% in January.
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In Germany, import prices rose 1.6% last month, the third increase of more than 1% in four months.
Separately, the U.S. Labor Department said the October import price index fell 4.7% month over month, a few ticks more than the 4.4% drop expected by Wall Street, for the biggest one-month drop since 1988.
Import prices rose by 0.3% in the same month contradicting expectations of a mild decline and boosting the annual pace of increase to 14%.
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Anecdotal evidence suggests that gold imports were strong in the month, and were front loaded in anticipation of the hike in import duty, Sanyal wrote in a note to clients today.
Legislation introduced this month in the U.S. Senate would make it illegal to import goods produced in sweatshops.
There was only one low level report scheduled from the euro area today and that was German Import Prices which increased to a growth rate of 0.6% on a month-over month basis.
Three shipping containers of swim shorts from Nassa Fashions bound for Kmart, which is owned by Sears, arrived at a Newark port last month, according to U.S. shipping data from online database Import Genius.
This month it has sought to douse the ardour with a sharp increase in the import tariff on gold.
The US has touted the successes it has had - such as last month's international sting operation which prosecutors say caught an arms dealer hoping to import weapons just as Mr Graham described.
Last month, just before the festivities began, the Indian government lent them some sheen by freeing the import of gold for domestic sale.
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