Gold prices climb over 1% as oil and US Treasury yields fall
Global gold prices rose more than 1% on Tuesday, supported by lower oil prices and US Treasury yields, as investors await the Federal Reserve's rate decision.
The tobacco giants ITC have increased the prices of their Classic Connect and Gold Flake Super Star cigarettes once more, citing higher tobacco taxes. Dealer checks indicate that the revised prices for these packs are already hitting the shelves. The price hike follows several rounds of price adjustments by ITC this year. A pack of 20 Classic Connect cigarettes is now sold for ₹428, up from ₹390 previously - a 9.74% increase.
Gold Flake Super Star, on the other hand, has seen an even steeper increase: a pack of 10 cigarettes now costs ₹89, a 12.66% rise from the previous ₹79. The tax changes that led to these price increases took effect on February 1st. The new rates include a 40% GST rate and an additional excise duty ranging from ₹2,050 to ₹8,500 per 1,000 sticks, depending on the cigarette length and whether it has a filter. These higher taxes are pushing up consumer prices, especially for longer and filtered cigarettes.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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