Gold Duty

The precious metal refining sector expects the government to address duty disparities that put domestic refiners at a disadvantage compared to imports through free trade agreements, MMTC-PAMP Managing Director and CEO Sami Guha said on Friday. "One of the expectations we've had as not just MMTC-PAMP, but as the whole precious metal refining sector has seen this disparity, which is there in duty, especially through the SEPA route between what we get as Dore versus what refined bullion is imported at," Guha said. The duty gap puts refiners at a significant disadvantage, though the government appears to be aware of the issue, he said. FTAs signed after the Single Euro Payments Area (SEPA) have excluded bullion, and the industry hopes future trade agreements follow the same approach by not including gold and silver in lower duty structures. To boost India's global standing in refining and increase the number of London Bullion Market Association-accredited refiners, the government needs

Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand

UBS analysts have raised gold's target to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)

Gold demand India: Gold prices, meanwhile, surged 18 per cent year-on-year (YoY) in the June 2024 quarter to $2,338.2 an ounce (oz), and were up nearly 13 per cent when compared with the December 2023

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

Revenue intelligence officials asked to tighten vigilance; bullion analysts foresee 300-tonne spike off the record

India is in a spot as its already grappling with a surge in gold imports from its FTA partners, including South Korea and Asean member Indonesia