High customs duty, taxes paving way for gold smuggling, Hareesh, Geofin Comtrade Ltd
Sreenivasa Rao Dasari The first 8 months in 2016 witnessed an upward journey for the yellow metal as prices surged 29% from $1,060.20 an ounce on January 1, 2016, to $1,366.33 on July 8. Last four months of 2016 recorded a decline in gold price. Indicating a 10-month low against the US dollar, the precious metal is trading at $1,160.18 as on December 30, 2016. Gold price this year so far indicated a 9.33% rise from $1,061.10 on December 31, 2015, and almost 40% lower from the record high of $1,920.30 on September 6, 2011. Gold imports fell 30.5% to $15.74 billion during April-November. Multiple factors including increased investments in gold ETFs and other financial instruments are influencing gold prices. The positive outlook ...
Gold 3-week high crosses Rs 29k mark
The Dollar Business Bureau Amidst positive global signs and a stable demand from stockists, the prices of gold have surged further and hit the Rs 29,000-mark at the national market on Tuesday. Standard gold (with 99.5 purity) jumped by Rs.175 to close at Rs.29,155 per 10 grams from Rs.28,980 of Monday's level. Pure gold (with 99.9 purity) also increased by the same margin to end at Rs 29,305 per 10 grams from Rs.29,130. In the international market, the metal rose to $1,262.79 an ounce on Tuesday, a 3-week high price, since March 18, as investors scaled back expectations on the increase in interest-rates by the US Federal Reserve, lowering the dollar. Gold for immediate delivery rose by 0.2 percent to $1,259.40 an ounce at ...
Cut in gold import tariff will not impact domestic market, say traders
Himanshu Vatsa | The Dollar Business Falling gold price in the global market has prompted the Indian government to reduce the import tariff on the precious metal for the fourth time in a row. But the move will hardly have any impact on the volatile domestic market condition, say traders. According to analysts, the continuous fall in the yellow metal’s price across the globe is likely to trigger a rise in demand in the domestic market because more and more people will rush to buy gold. Traders say that sudden increase in demand may push up import. But, inbound shipments from overseas can be checked if the gold monetisation scheme comes into effect. “Reducing import tariff will not have much impact ...
