Following the government’s proposed 4% Goods & Services Tax (GST) rate on gold, bullion analyst Sanjiv Arole examines the various possibilities that could impact the jewellery industry.
It’s all happening here at the MCG” has been the trademark catchphrase of the former Australian cricketing great Bill Lawry, when he provides commentary on Channel 9. The dour former Australian opener and captain got transformed into a passionate, energetic and spontaneous commentator over the years. Probably, if one were to rephrase his catchphrase for the gold market, “It’s all happening here in the gold market this year.”
It was a roller-coaster ride for the yellow metal this year, more so in India. Gold, which averaged $1,160.06 per ounce in 2015 in the international market, surged ahead to $1,270 per ounce by March 10th 2016, an impressive rise of around 21% over the 2015 lowest price.
The gold price in 2016 averaged $1,183 per ounce in Q1, $1,260 in Q2, and $1,334.7 in Q3. In rupee terms, gold surged above ₹30,000 per 10gm after a long time (the 2015 average was ₹26,484 per 10gm); it averaged R31,340 in Q3. However, in October the gold price went below the $1,300-per-ounce mark and fell sharply under $1,250 levels. In the domestic market, gold went below the ₹30,000 mark and even flirted with ₹29,000, a level not seen for some time now.
In the international markets, the gold price was influenced by the suspense over the Fed interest rate hike, the state of the Chinese economy, the US presidential election campaign, increased uncertainty over the political and economic scenario, the oil price, terrorist attacks in most parts of the world and Brexit.
Excise repercussions
Diese Geschichte stammt aus der November 2016-Ausgabe von Solitaire International.
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Diese Geschichte stammt aus der November 2016-Ausgabe von Solitaire International.
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