Gold steadies as China ends tax rebate | JQJO

Gold hovered near $4,000 an ounce after a shaky Monday open, recovering 0.2% following an early drop of up to 1%. The move came after Beijing ended a long-standing policy allowing some retailers to fully offset value-added tax on gold bought from the Shanghai Gold Exchange and Shanghai Futures Exchange, a change that could weigh on demand in one of the world’s largest precious-metals markets. Chinese gold jewelry stocks tumbled on the news.