Gold held around $4,000 an ounce after a weak start on Monday, after China ended a long-standing tax rebate for some retailers in a change that could weigh on demand in one of the world’s largest precious-metals markets.
Bullion for immediate delivery rose 0.1%, after falling as much as 1% in early trade. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange, whether sold directly or after processing. The news sent Chinese gold jewelry stocks tumblingBloomberg Terminal.