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.
Buyers of gold and silver got some relief this week as prices edged lower in the domestic market.
Manu shot 219.7 in the women’s 10m air pistol final to finish third, before Rashmika clinched the junior women’s air pistol crown with a confident show, her score of 241.9, a yawning 4.3 ahead of silver winning Korean Han Seunghyun.
Gold rates fell over Rs 400 on Monday amid looming uncertainty over the US reciprocal tariffs, as silver prices also took a hit of over Rs 1,000.
With the addition of four medals on the day, India’s tally swelled to 18 inclusive of 8 golds, 7 silver and three bronze medals. China continues to lead the chart with a total of 26 medals (15 gold, 8 silver and 3 bronze) while Japan is at third with 24 medals (4 gold, 10 silver and 10 bronze). The event ends on Saturday.
As gold prices surged to a record Rs 93,217 per 10 grams, Indian investors are pulling back from heavy jewellery buys and pouring money into gold exchange-traded funds (ETFs).
