Standard Chartered: Gold to Breach $1,300/ounce

[SMM Precious Metal Express] The Indian government confirmed that banks and designated agencies no longer enjoy the 3% IGST exemption on gold, silver and platinum imports. The change does not impose a permanent additional tax burden, but requires upfront tax payment at import, increasing short-term financing needs and working capital requirements for importers. The exemption expired on March 31 without renewal, and some importers have already been paying the tax in recent months. With India's gold consumption peak season starting in mid-October, funding pressure on importers is set to increase further.

[SMM GOold Flash] Galiano Gold announced on 8 October that it had secured extensions of two mining leases at the operating Asanko Gold Mine in Ghana. The Abirem lease was extended for 15 years through 2041 and the Miradani lease for 17 years through 2043. Together they cover the Nkran, Adubiaso and Miradani North deposits, the 5.8-million-tonne-a-year processing plant, associated infrastructure and Nkran Cut 3. The completed lease extensions reduce tenure uncertainty around infrastructure and deposits central to Asanko’s current long-term plan. They do not themselves increase gold reserves, production or mine life, however. Galiano said the approvals provide a basis for continued investment and potential reserve growth; any additional ounces or operating years would still need supporting drilling, technical studies and reserve declarations.