Commodity Trade Mantra

Posts Tagged ‘Gold Import Duty’

Gold Prices Likely to Stay Elevated on Safe Haven Demand

According to the Bloomberg Intelligence team, the Fed could be “one and done” in 2017 when it comes to rate hikes. Gold’s top forecaster for the last quarter, Intesa Sanpaola SpA, says that the metal’s price could hit $1,350 by year end, citing faster inflation and geopolitical tensions. “Gold will likely stay elevated given safe haven demand,” Barnabas Gan, economist at OCBC, said.

Indian Gold Industry Hit on Both Fronts: Domestic Sales & Exports

After demonetisation, Indian gold buyers suddenly seem to have all gone into hibernation. The Indian gold industry, recovering with great difficulty from the shock of demonetisation, has been further attacked by a sudden hike in UAE’s gold import duty. UAE, which accounts for a third of India’s gold exports has increased duty on gold imports from 0.36% to 5%.

Gold Trade in India Thrives on Uncontrollable Demand

Despite the Indian government having raised the import duty on gold thrice in 2013 to finally at 10%, India’s gold demand is still remarkably high. As a result, gold smuggling is thriving in India – the World Gold Council notes in a recent report that illegal imports came to around 200 tonnes in 2013.

follow us

markets snapshot


Market Quotes are powered by Investing.com

live commodity prices


Commodities are powered by Investing.com India

our latest tweets

follow us on facebook