Less than a month and a half into 2025, the breakneck pace continues. The price of gold broke through the US$2,800 mark on January 31, and pushed above US$2,900 during intraday trading on Monday, February 11.
All India Gem and Jewellery Domestic Council (GJC) remained watchful over the swift trend of gold price.
Rajesh Rokde – Chairman-GJC said, “As we witness gold crossing the $2,930 per ounce mark and continuing to rise day by day, it is a clear testament to the prevailing economic uncertainties. The persistent upward trend in gold prices underscores the growing need for safe-haven assets in volatile times.
Additionally, with the current GST rate of 3% on bullion and precious ornaments, both consumers and jewellers are facing an increased tax burden. To align taxation with industry realities and encourage compliance, it is imperative to reduce the GST rate to 1.25%. This move will not only ease the burden on consumers but also boost sales and support the overall growth of the gems and jewellery industry.”
Avinash Gupta, Vice Chairman, GJC, “The relentless climb of gold prices, now surpassing $2,930 per ounce, and their steady increase each day is a reflection of the current economic landscape. Investors are seeking refuge in gold to navigate through financial unpredictability.
However, the static GST rate of 3% has effectively increased the tax burden on both consumers and jewellers. We urge the government to reconsider and rationalize the GST rate to 1.25%, ensuring fairness and sustainability in the industry. This reduction will support domestic manufacturers, boost job creation, and position India as a global hub for jewellery making, aligning with the Honourable Prime Minister Narendra Modi’s vision of Make in India!
Dean Belder said at INN, The price of gold has set a new record, breaching US$2,900 following a fresh batch of tariff threats from US President Donald Trump. The gold price gained 30 percent in 2024, setting new highs along the way. It broke through US$2,500 per ounce, then continued higher, hitting US$2,600 and then US$2,700.
Gains since the start of the year have been primarily driven by economic uncertainty, as US President Donald Trump has vowed to make sweeping changes to trade and foreign policy and amid relative strength in the US dollar.
The most recent announcement came on Sunday, February 10, when Trump told reporters on Air Force One that he was planning 25 percent tariffs on aluminum and steel and reciprocal tariffs on all countries. He said a formal announcement would be made on Monday, but at the time of publication, no announcement had been made.
There was quick pushback on the tariff plans as the EU threatened its own retaliatory tariffs.
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