The US government has begun imposing duty on a kilo and 100 ounce gold bar. According to media reports, this decision can affect long -running trade routes and lose gold and silver from Switzerland to the US.
According to the July 31 decision of the US Customs and Border Protection (CBP), the category of gold bar has been changed. Gold bars will now come under the category code 7108.13.5500, on which duty is applicable. With this reproduction, the water has reverted to the previous hopes that such imports will be exempted under code 7108.12.10. Which is the only series of gold bar on which there is currently no tax.
The change was first reported by the Financial Times, and the biggest impact is expected on Switzerland. Switzerland is the largest gold refining hub in the world and the main supplier of gold and silver to the United States.
According to experts, after this news, gold prices could rise by $ 100 to $ 150 per ounce in the next one month. However, the Indian futures market could see an increase of up to Rs 10,000. The rise in gold prices has already been seen in the international market and gold prices have reached a record level in the Comex market. Let's tell you in detail too.
A big blow to Switzerland from tariff
Relationships between Washington and Bern have recently deteriorated. Last week, the United States announced 39 percent tariffs on all imports from Switzerland. It also includes gold, the largest export of Switzerland in the US market. In the 12 months till June, Switzerland exported $ 61.5 billion in gold to the US. Under the new tariff rate, this quantity will now face an additional $ 24 billion of extra duty.
According to media reports, Christof Wilde, president of the Swiss Association of Manufacturers and Traders of Pressure Metals, described the decision as a “blow to the US” gold trade with Switzerland's US. However, other media reports say that the prevailing opinion was that tariff-free can be sent to precious metals exported to the US by Swiss refineries. However, custom code classification for different gold products is not always accurate.
Created a gold record in the international market
After this news, gold prices have reached a record level in the international market. First of all, if we talk about the gold futures of the Comex market, the price of gold is trading at $ 46 per ounce at 12:15 pm to $ 3,499.80 per ounce. During the trading session, gold futures also reached a record level of $ 3,534.10 an ounce. On the contrary, the present price of gold is declining.
Gold prices are also stable in Europe and Britain. In Europe, gold is trading at 2,914.16 euros per ounce with 1.85 euros and in Britain, gold is trading at £ 2,527.16 per ounce with an increase of £ 1 per ounce.
How much impact will it affect the price of gold in India?
If we talk about India, the price of gold has had a big impact. Gold prices were seen at a record level on the multi -commodity exchange. If we look at the data, the price of gold has increased by Rs 509 per 10 grams to Rs 1,01,977 per ounce. During the trading session, the price of gold has reached a record level of Rs 1,02,250 per ounce. If we talk about this year, the price of gold has increased by Rs 25,502. This means that gold in India has given 33.22 percent return to investors.
Gold and silver are found in every house in India, when people buy gold and silver on every auspicious occasion of the house, click here to find out the price of gold and silver daily.
. Source
