Spot Gold comes under renewed pressure as China ends the VAT rebate for gold sales, raising costs for both investors and consumers, ING’s commodity experts Ewa Manthey and Warren Patterson note, ING’s commodity experts Ewa Manthey and Warren Patterson note.
China ends Gold retail tax rebate
“Spot Gold prices have come under some renewed pressure with China announcing the end of a tax rebate for some retailers, basically bringing an end to a VAT offset when selling Gold that was bought from the Shanghai Gold Exchange. The move will cover both investment and non-investment Gold, and essentially makes Gold more costly for Chinese consumers.”