Higher gold taxes could backfire again
When governments want consumers to buy less of something, they usually reach for taxes.
When governments want consumers to buy less of something, they usually reach for taxes.
India’s gold market witnessed a structural shift in the March quarter, with investment demand overtaking jewellery consumption for the first time on record, according to the World Gold Council (WGC).
The gold prices have witnessed sharp correction in the month of March as it fell as much as 12% recording the steepest fall since 2013.
Gold and silver prices eased on Monday amid a firmer US dollar and higher inflation expectations, trimming hopes of US Fed rate cuts in the near term.
Gold and silver prices eased on Thursday, amid profit booking by investors, although rise in geopolitical tensions and decline in US dollar capped the slide.
International markets saw spot gold prices declining over 4 per cent to $5,156.64 per ounce.
Gold and silver prices surged to record highs on Thursday, amid a rise in geopolitical tensions following US President Donald Trump's threat of military action against Iran.
Synchronous movement in industrial and monetary metals is indicating that markets are pricing both growth expectations and financial instability simultaneously, a late-cycle configuration that historically resolves through sharp, disruptive corrections.
The Kerala High Court on Monday made strong observations in the Sabarimala gold misappropriation case, noting that a systematic and methodical process was involved in the diversion of gold from the Dwarapalaka idols and door frames of the Sabarimala temple.
In the September quarter, the share of total consumption of gold spiked to an all-time high as the World Gold Council (WGC) said that the rising gold prices are spurring Indian investors to buy bars and coins, with record purchases worth $10 billion.
