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Gold Drops Back Below $4,000 After China Ends Tax Incentive
Gold dropped below $4,000 an ounce after China ended a long-standing tax rebate for some retailers, a change that could hurt demand in one of the largest precious-metals markets. Bullion fell as much as 1% in Asia on Monday. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange, whether sold directly or after processing. The precious metal surged to a record high in early October, aided by a retail buying frenzy, before dropping sharply in the final two weeks of the month. Prices ... (full story)
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