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HK-listed Gold Mining Stocks Advance, as Reserve Bank of India Permitted to Import Gold Without Paying Duties
The market is looking forward to the US Fed starting the interest rate reduction cycle in June, and the international gold price has hit a record high recently. The Indian governme...
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HK-listed Gold Mining Stocks Advance, as Reserve Bank of India Permitted to Import Gold Without Paying Duties
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The market is looking forward to the US Fed starting the interest rate reduction cycle in June, and the international gold price has hit a record high recently. The Indian government issued an announcement last night (12 Mar) that the Reserve Bank of India no longer needs to pay import duties when buying gold.

India is the world's second-largest gold consumer, and local gold importers need to pay the basic customs duty and Agriculture Infrastructure and Development Cess (AIDC). At the end of September last year, the Reserve Bank of India held 800.79 tonnes of gold, including 39.89 tonnes of paper gold. Of this, 388.06 tonnes of physical gold was held overseas and 372.84 tonnes was held within India.

SPDR GOLD TRUST (02840.HK) now trades at $1,562.5, down 0.89%, with a turnover of $7.3863 million.

Hong Kong-listed gold mining stocks are doing well. Blue-chip ZIJIN MINING (02899.HK) rose 3.7% after dropping at open, trading at $14.96 near the end of the morning session, with a turnover of $260 million. In addition, ZHAOJIN MINING (01818.HK), LINGBAO GOLD (03330.HK), and SD GOLD (01787.HK) rose 1.2% to 2.1%, while CHINAGOLDINTL (02099.HK) gained 4%.

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