Indian gold demand wanes as jewellers expect import tax cut
Bullion industry has been calling for a tax reduction in annual budget to combat smuggling and unauthorised sales
Mumbai
GOLD in India, the world's second biggest user of the precious metal, were at discounted prices as jewellers were postponing purchases on the expectation that the government will announce an import tax cut in its annual budget on Thursday.
The lower import tax could boost India's gold demand and support global prices that are currently trading near their highest in 17 months.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Keppel’s data centres CEO to become senior managing director, M1 CEO to helm connectivity portfolio
Gold prices set for second weekly gain on Fed rate outlook
Oil up after US economic data strengthens rate cut expectations
Chevron prepares for North Sea exit after more than 55 years
Red Sea disruptions are splitting global LNG trade into regions
Gold prices edge higher as US dollar, yields soften