Gold prices fell below $4,000 an ounce early in the Asian session on Monday (November 3rd) after China ended a long-standing tax break for some retailers. This new policy could depress demand in the world's largest gold market, which had been fueled by the tax incentive. Gold bullion for immediate delivery briefly fell 1% before paring most of the intraday losses.
On Saturday, Beijing announced that it would no longer allow retailers to offset value-added tax when selling gold purchased from the Shanghai Gold Exchange and the Shanghai Futures Exchange. This move covers both live and processed gold sales, which has had a direct impact on the shares of Chinese jewelry companies.
At the time of this analysis's release, the gold price was at $4,008.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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