No tax on gold, gold prices plummet

New Delhi, Aug. 13-Gold prices fell by nearly two percent in the international market yesterday after US President Trump announced that there would be no tax on gold.

Gold price

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The US Customs Department issued a statement last week that the tax would also apply to gold bars. Following this, prices rose sharply. The price of one ounce of gold, i.e. about 28.35 grams, reached a new high of Rs 3 lakh.

White House sources said at the time that the tax would be applicable and that an official clarification would be made soon. Following this, Trump announced on his Truth Social social networking site the day before yesterday that 'there will be no tax on gold'.

This announcement allayed investors' fears regarding price hike, leading to high selling of gold. Following this, the price of one ounce of gold fell below Rs 2.90 lakh.

The international market situation was also reflected in India. In the last 2 days in Chennai, the price of 22-karat gold has decreased by Rs 1,200 per sovereign to Rs 74,360.

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