Gold and Silver ETFs Surge Following Import Duty Increase
Gold, silver ETFs jump up to 7% after import duty hike triggers repricing
Business Standard
Image: Business Standard
Gold and silver exchange-traded funds (ETFs) experienced a significant surge of over 5% on Wednesday after the Indian government raised import duties on these metals from 6% to 15%. This change prompted a repricing in domestic markets, with silver ETFs seeing gains of nearly 7%.
- 01Import duties on gold and silver raised to 15% from 6%.
- 02Gold ETFs rose by 5.7%, while silver ETFs increased by about 7%.
- 03International gold prices fell by 0.52%, contrasting with silver's 2.19% gain.
- 04Nippon India Mutual Fund’s Gold ETF is the largest in the category.
- 05Market reactions indicate strong investor response to duty hike.
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On Wednesday, gold and silver exchange-traded funds (ETFs) surged by over 5% following the Indian government's decision to increase import duties on these metals to 15% from 6%. The Nippon India Mutual Fund’s Gold ETF, the largest in its category, closed 5.7% higher on the National Stock Exchange (NSE). Silver ETFs outperformed, with prices rising nearly 7% during the session. This market movement reflects a divergence in global bullion prices, where international gold prices dipped by 0.52%, while silver saw a gain of 2.19%. The hike in import duties has led to a sharp repricing in domestic markets, showcasing a strong investor response to the regulatory change.
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The increase in import duties may lead to higher prices for gold and silver in the domestic market, affecting consumers looking to purchase these metals.
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