The Ministry of Finance in India has implemented a hike in customs duty rates on various precious metals, including gold and silver, from 6 per cent to 15 per cent, effective today.
Despite this significant increase, the Gold and Silver markets remained stable, showing no unusual volatility or suspicious trading activities. This market behavior was praised by Nithin Kamath, the Founder and CEO of Zerodha, who highlighted the controlled environment of Indian markets compared to their Western counterparts.
Kamath pointed out that in Western countries, sensitive information often impacts the market before any official announcement, contrasting it with the disciplined market behavior in India. He noted past instances in Western markets where insider trading allegations surfaced due to leaked privileged information.
(With inputs from agencies.)