Monday, 25 November 2013 - 7:43
No gold rush - Despite budget 'relief'
With the Government removing the surcharge on the import of gold and adjusting duties in last week’s budget, gold prices in the open market are expected to come down by 30 percent.
However, the market is not likely to reflect this drop immediately, as jewellers in Colombo say that they cannot see a change in price occurring in the weeks to come.
Therefore the message out there is – ‘don’t buy gold now’. A sovereign in 22-karat gold at a reliable jewel merchant is currently going at 43,600 rupees and even though merchants are not willing to speculate on how much the price would come down a 30 percent reduction of the current price is expected.