Budget 2018: Gold sales may go up in rural areas
The mood at Mumbai’s Zaveri Bazar, was upbeat after the Budget, with dealers and jewellers heaving a sigh of relief as the FM did not tweak the 3% GST on gold.
By Sutanuka Ghosal, ET Bureau |
BCCL
KOLKATA: Gold sales are set to rise in rural India with the finance minister announcing a slew of measures to revive the rural economy and increase farmers’ income, traders and jewellers said.
They also welcomed the government’s move to come up with a comprehensive gold policy to develop gold as an asset class, saying it will make India a “go-for-gold” destination.
The mood at Mumbai’s Zaveri Bazar, one of the country’s biggest bullion and jewellery markets, was upbeat after the Budget, with dealers and jewellers heaving a sigh of relief as the FM did not tweak the 3% goods and services tax (GST) on gold as was widely anticipated.
The premium on gold disappeared post the budget and it was available at a discount of $2 per troy ounce.
“The tension in the market has disappeared,” said Mukesh Kothari, director at RiddiSiddhi Bullions.
They also welcomed the government’s move to come up with a comprehensive gold policy to develop gold as an asset class, saying it will make India a “go-for-gold” destination.
The mood at Mumbai’s Zaveri Bazar, one of the country’s biggest bullion and jewellery markets, was upbeat after the Budget, with dealers and jewellers heaving a sigh of relief as the FM did not tweak the 3% goods and services tax (GST) on gold as was widely anticipated.
The premium on gold disappeared post the budget and it was available at a discount of $2 per troy ounce.
“The tension in the market has disappeared,” said Mukesh Kothari, director at RiddiSiddhi Bullions.
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