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Gold rate to uptick by December this year
Posted on: 15/Aug/2016 2:51:17 PM
The Chairman of Tamil Nadu Federation Jewellers, Mr Raghunath has stated that gold rate is likely to uptick by December this year. Owing to increase in gold investment in the international market, 24 karat will rise up to Rs 34,000 and 22 karat gold to Rs 30,000.
The general meeting of Tamil Nadu Federation Jewellers headed by Chairman Raghunath took place in Salem yesterday. In his speech after the meet, the Chairman stated that they have placed plea to reduce import tax on gold to 10 percent and value added tax to 6 percent. The centre has stated that this request is taken under consideration. There are possibilities of gold price hike if these requests are not sanctioned.
As far as the present situation is concerned, in comparison with the gold rates in the global market, there are possibilities for continual price hike of gold. Before December this year, 22 karat gold may be priced at Rs 3750 per gram and Rs 30,000 per sovereign,; and 24 karat gold will be priced at Rs 4250 per gram and Rs 34,000 per sovereign.
Decisions taken during the meet includes
- All gold trading associations should be invited for a meeting before implementing centre’s GST
- Coming on to hallmark terms, decisions need to be taken only after consulting with the gold retailers
- We welcome computerization of paying value added tax. At the same time, necessary steps need to be taken to clear hassles in this scheme.
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