Wednesday, 2 May 2012

Mcx Gold Tips

"India increases transfer work on Gold by 2%, Silver 6 % in 2012" 2May

Indian govt has brought up the transfer work on gold and gold coins on Tuesday. Import work on Gold has been improved to 2% of value from the earlier flat Rs. 300/ 10 gm and that of silver to 6 % of value from Rs. 1,500/ kg.

The govt has brought up the transfer work because of soaring demand for gold and gold coins in Native indian, the world's biggest consumer of bullion.

The work changes could nearly double duties on both gold and gold coins. Prices of gold on the MCX advanced after the work increase with the February gold contract gaining as much as 1% to Rs. 27,760 while silver for March delivery improved more than 2% at Rs. 53,361/kg.

Earlier in 2009-10, the Native indian govt had improved transfer work on gold bars from Rs. 100/10gm to Rs.200/10gm, while work on other forms of gold (excluding jewellery) was improved from Rs. 250/10gm to Rs. 500/10gm and silver was improved from Rs.500/kg to Rs. 1,000/kg.

The industry reaction to transfer work increase was mixed with manufacturers arguing that the increase could have been avoided while traders and importers felt the move could have little impact on consumption in Native indian.

The govt had brought up the transfer work of gold and gold coins to curb transfer of gold and silver coins which result in huge outflow of dollars outside the country.

The Gems & Jewelry Export Promotion Council (GJEPC) has termed the decision to increase transfer work as an unfriendly move towards industry. Nilesh Parekh of Shree Ganesh Jewelry has said in an interview that the brought up transfer work will have no impact on business as Indians like to buy gold when the yellow metal is expensive.

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