Higher gold taxes could backfire again
When governments want consumers to buy less of something, they usually reach for taxes.
Gold prices moved up by 0.23 per cent to Rs 30,699 per 10 gram in futures trade today as speculators built up fresh positions, driven by a firm trend overseas.
At the Multi Commodity Exchange, gold for delivery in June rose by Rs 71, or 0.23 per cent to Rs 30,699 per ten grams in business turnover of 23 lots.
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Likewise, the yellow metal for delivery in April contracts was trading higher by Rs 56, or 0.18 per cent to Rs 30,565 per ten grams.
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Analysts said fresh positions built up by participants largely in sync with a firm trend overseas, as the dollar eased influenced sentiment here.
Gold rose 0.63 per cent to USD 1,336.60 an ounce in Singapore.
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