The Wall Street Journal reported yesterday that before the end of the month, India will likely reduce its gold import tax to between 6 and 8 percent. Currently, the tax sits at 10 percent.
Articles Tagged "india"
Demand for gold jewelry, bars and coins hit a record high last year, according to the World Gold Council's latest Gold Demand Trends report. The report also confirms that last year Chinese gold demand surpassed that of India for the first time.
Figures released by the China Gold Council and Thomson Reuters GFMS have analysts wondering if China managed to overtake India as the world's biggest gold consumer in 2013.
Xinhuanet reported that according to data from the China Gold Association, China's gold consumption came to 1,176.4 tonnes in 2013 — that's a 41.36-percent increase from the previous year.
Reuters reported that J.D. Seelam, a junior finance minister in India, said that the country has no plans to lower its gold import tax, at least at the moment.
2013 was an "annus horribilis" for gold. We look at the main factors behind the precious metal's demise and whether next year offers any hope of a recovery.
Gold has had a good week, and while it's too soon to call it a rally, things are looking up for the yellow metal as the Indian festival season begins.
NDTV Profit reports that Vedanta Resources, a diversified resources conglomerate, is looking to expand into gold mining and is looking at now-defunct Bharat Gold Mines Ltd (BGML), which owns the famous Kolar gold mines in Karnataka State, India.
Positive economic news is hurting gold again, but it could get worse for the metal next week, when the US Federal Reserve makes a decision on quantitative easing.
Scott Carter, CEO of Lear Capital, maintains that despite pressures on gold such as a taper of QE, the metal still has strong fundamentals going for it.