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Gold prices surged to an all-time high  breaching $3,300/oz

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Gold prices surged to an all-time high on Wednesday, breaching $3,300 an ounce in international spot markets for the first time as escalating U.S.-China trade tensions sent investors fleeing to traditional safe havens.

The yellow metal climbed to $3,318 per ounce in overseas trading, extending its recent rally and drawing closer to the symbolic ₹1,00,000 per 10 grams mark for 24-karat gold in India. Domestically, prices mirrored the global trend: in Delhi, gold was quoted at ₹98,100 per 10 grams by evening, while June futures on the Multi Commodity Exchange (MCX) hit a record ₹95,435.

President Trump’s directive for a probe into critical minerals added to the market anxiety, reinforcing the rush toward safe haven assets.

The sharp price escalation, however, has chilled consumer demand in India—the world’s second-largest gold market—prompting local jewelers to sell at a discount to imported prices. Gold is currently trading at a 1–2% discount to its landing cost in Indian markets.

Meanwhile, silver has trailed the gold rally. International spot prices for the white metal hovered around $32.80 per ounce Wednesday, crossing ₹1,00,000 per kilogram in Delhi, but still lagging behind gold in terms of momentum.

For now, analysts expect gold’s bullish run to persist, fueled by geopolitical uncertainty, inflation concerns, and growing investor caution.

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US Begins Third Phase Of Tariff Refunds For Diamond and Jewellery Importers

To Qualify For Phase III, An Importer Must Be A Plaintiff In A Relevant Case and Have A Court Order Directing CBP To Reassess The Import Entry and Refund The Duties. The Importer Must Also Have Provided A Valid Importer Of Record Number To CBP By July 30. This Number Identifies The Party Legally Responsible For The Customs Entry.

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The United States has launched the third phase of tariff refunds for diamond and jewellery importers who paid duties imposed under President Donald Trump’s emergency tariff policy. However, the refunds are currently limited to businesses that filed lawsuits against the government and obtained court orders directing customs officials to return the money.

US Customs and Border Protection (CBP) launched Phase III on October 6. The programme covers importers whose cases are before the US Court of International Trade and who have secured orders requiring customs officials to reopen previously finalised import entries, remove the disputed duties and issue refunds.

Although the US Supreme Court struck down the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in February, not all affected businesses can claim refunds under the current phase. Legal proceedings are continuing over refunds for importers who did not file individual lawsuits.

To qualify for Phase III, an importer must be a plaintiff in a relevant case and have a court order directing CBP to reassess the import entry and refund the duties. The importer must also have provided a valid Importer of Record number to CBP by July 30. This number identifies the party legally responsible for the customs entry.

On October 8, the Court of International Trade certified a class action covering importers that paid IEEPA tariffs but did not file their own refund lawsuits. The decision could provide a path to refunds for a wider group of businesses. However, it does not mean that all affected importers can immediately claim refunds under Phase III.

Jewelers Vigilance Committee, has advised jewellery businesses to maintain detailed records of tariffs paid, payment dates and related import numbers. These records could help support future refund claims.

US customs officials have estimated that approximately US$166 billion in IEEPA duties were collected across around 53 million import entries. The collections covered a wide range of imported goods, not just diamonds and jewellery.

Importers are advised to review the duties they paid, confirm who was listed as the Importer of Record and check whether their import entries and legal cases meet the refund requirements. The programme does not cover tariffs imposed under other legal authorities.

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