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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL
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From: PaperPerson5/8/2012 7:58:10 AM
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HSBC: Removal Of Excise Tax First Step Toward Recovery Of Indian Gold Demand

Tuesday May 08, 2012 7:45 AM

Removal of an excise tax on gold by the Indian government is a step toward recovery of Indian gold demand, says HSBC. If the Indian rupee were to strengthen against the U.S. dollar, “gold prices at current levels may be an attractive entry point for price-sensitive buyers,” the bank says. Introduction of the tax in mid-March prompted a majority of Indian jewelers to close for three weeks in protest, hurting demand from one of the world’s largest gold consumers. Analysts say weakness in the rupee made gold more expensive when priced in the country’s currency, and this was also blamed for hurting Indian demand.

By Allen Sykora of Kitco News
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