COMEX Gold soared to near 3-month highs on 3 February, since a break above USD 1200 per ounce extended. The commodity currently trades at USD 1223 per ounce, up about 1.25% on the day. The breakout is seeing solid after prices tested their 2-week low near USD 1185 levels earlier this week before recovering sharply. The MCX Gold April futures ended at Rs. 28,874 per 10 grams after hitting highs near Rs 29,080 per 10 grams on 2 Jan, adding 0.67% on the day.
The Finance Minister has proposed to trim down the existing rate of taxation for individual assesses between income of Rs 2.5 lakhs to Rs. 5 lakhs to 5% from the prevailing rate of 10%. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50% of their existing liability.