Gold import duty hiked to 6%, ETFs to earn on physical gold
feBureau: New Delhi, Jan 22 2013, 03:55 IST
safest assets and is thought to be the best hedge against inflation.
Dhirendra Kumar, CEO, Value Research India, told FE: “Currently, people are chasing gold as it is the best-performing class. These measures will result in Rs 15,000-20,000 crore invested in gold ETF not going out of the country. Right now, through ETF, the gold is bought and held in London. Due to these measures these funds will stop going out.”
However, he added: “The increase in import duty is unlikely to dampen the demand of gold. It will at the most will have short term impact.”
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