National News
AUGMONT WEEKLY BLOG:Gold on beast mode as Liberation Day approaches
Gold has continued its terrific run, on beast mode, hitting $3177 (Rs 91400) to set another milestone, as uncertainty about tariffs that would drive inflation and deteriorate economic development boosted safe-haven demand and maintained gold on track for its best quarter since 1986. The buying demand in gold continues unabated, with markets scrambling for shelter in the traditional store of wealth amid concerns over US President Donald Trump’s tariff plans on ‘Liberation Day’, April 2.
What is Liberation Day?
As per Wikipedia, “Liberation Day is a day, often a public holiday, that marks the liberation of a place, similar to an Independence Day. Liberation marks the date of either a revolution, as in Cuba, the fall of a dictatorship, as in Syria, or the end of the occupation by another state, as in the Netherlands, thereby differing from the original independence day or creation of statehood, while in Italy commemorates the victory of the Italian resistance movement against Nazi Germany and the Italian Social Republic, a puppet state of the Nazis and rump state of the fascists, the culmination of the liberation of Italy from German occupation and the Italian civil war in the latter phase of World War II”.
US Liberation Day on April 2
Donald Trump has threatened a “Liberation Day” with tariffs on countries having persistent trade deficits with the US. On Wednesday, April 2, the world will learn about Donald Trump’s new style of doing business with almost everyone. That is when the White House will unveil its tariff plan, which includes duty increases for all countries that trade products and services with the United States. Trump has not hinted at imposing a levy on gold, but the prospect of such a move has pushed prices to their current levels. Is gold taxed on imports? We find out on Wednesday. Until then, speculation is likely to continue in full swing.
Trump rattling the markets
Furthermore, US President Donald Trump shook markets last week by placing 25% tariffs on all non-American vehicles and light trucks ahead of the so-called reciprocal tariffs, which are scheduled to take effect on April 2. On Sunday, Trump expressed his rage and frustration with Russian President Vladimir Putin, threatening large tariffs on Russian energy and even bombings in Iran. He also stated that if he believes Moscow is impeding his efforts to end the Ukraine conflict, he will slap secondary tariffs ranging from 25% to 50% on Russian oil customers. Trump also slammed Ukrainian President Volodymyr Zelenskiy, warning that he would suffer serious consequences if he pulled out of the important rare earth minerals deal. This further weighs on investors’ sentiment and contributes to the global flight to safety.
What next?
Bullion is up around 18% this year after climbing more than 27% in 2024, owing to a favorable monetary policy background, significant central bank buying, and demand for exchange-traded funds, among other things. This comes on top of continuing concerns over slowing US economic growth, which drives stagflation fears, pulling the US Dollar down and providing more support to gold.
The next resistance for gold is $3210(~Rs 92000) while Silver is stuck in the range of $33 to $35, prices need to sustain above its $35 resistance to head higher towards $38.
National News
GJC Engages With RBI, Ministry of Finance on Gold Monetization Scheme Revamp
The proposed Model is Designed to Address Existing Structural Inefficiencies and Significantly Enhance the Scheme’s Adoption
GJC has been actively engaging with senior officials of the Reserve Bank of India (RBI) and the Ministry of Finance (MoF) to advance a comprehensive revamp of the Gold Monetisation Scheme (GMS).
GJC has submitted a refined, jeweller-integrated framework for GMS, developed through structured stakeholder consultations across the banking, refining, and jewellery sectors. The proposed model is designed to address existing structural inefficiencies and significantly enhance the scheme’s adoption and effectiveness.
The proposed GMS operates within the existing regulatory framework notified by the RBI and the Government of India, ensuring full compliance, institutional oversight, and financial system integrity. The framework builds on the current scheme architecture while introducing operational efficiencies and stakeholder alignment.
A central feature of the proposal is the formal transition towards a digital gold ecosystem, whereby physical gold is converted into dematerialised gold balances held within the banking system through structured account mechanisms.
In recent years, investment demand in gold bullion and coins has witnessed strong and sustained growth, reflecting increasing investor preference for physical gold as a store of value. The revamped GMS framework seeks to effectively leverage this trend by enabling investors to seamlessly monetise such holdings.
The scheme provides an avenue for investors to earn a return on idle gold assets, including bullion, coins, and jewellery, by integrating them into the formal financial system. This converts traditionally non-yielding assets into interest-bearing financial instruments, thereby enhancing portfolio efficiency without requiring liquidation of gold holdings.
The revised framework is anchored on robust governance principles:
• Transparency: End-to-end digital recording of transactions, including deposit, assay, dematerialisation, and credit.
• Traceability: System-based tracking of gold across the value chain, supported by verifiable documentation and audit trails.
• Accountability: Clearly defined responsibilities for all participants, reinforced through KYC compliance, documented consent, and regulatory supervision.
This structure ensures a secure, compliant, and auditable gold monetisation ecosystem, addressing key concerns under the existing scheme.
The proposed framework is expected to materially improve gold mobilisation by leveraging the reach and trust of the jewellery trade. Enhanced mobilisation of idle gold can reduce dependence on imports, support domestic supply, and contribute to the moderation of the Current Account Deficit (CAD).
Further, the shift towards a regulated digital gold framework will strengthen formalisation, improve compliance standards, and enhance overall market efficiency.
Rajesh Rokde, Chairman of GJC, said,

“GJC’s continued engagement with the Reserve Bank of India and the Ministry of Finance reflects our commitment to building a robust and future-ready Gold Monetisation framework. The proposed model integrates jewellers into a regulated, digital ecosystem, significantly enhancing transparency, trust, and accessibility for consumers. By unlocking the value of idle gold, the scheme has the potential to strengthen domestic supply, reduce reliance on imports, and contribute meaningfully to India’s macroeconomic stability.”
Avinash Gupta, Vice Chairman of GJC, said,
“The revamped GMS framework is designed to be practical, scalable, and fully aligned with regulatory expectations. It creates a secure and transparent pathway for gold monetisation, while ensuring accountability across all stakeholders. Importantly, it enables investors to earn returns on idle gold—including bullion, coins, and jewellery—thereby transforming a traditionally non-yielding asset into a productive financial instrument. This will play a critical role in formalising the sector and improving overall market efficiency.”

The trade is encouraged to support this initiative, which represents a significant step towards a regulated, transparent, and digitally integrated gold ecosystem in India, while unlocking value from idle gold holdings.
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