National News
GST raids were untimely and intended to disrupt the Onam trade: AKGSMA
The All Kerala Gold and Silver Merchants Association State President K. Surendran and General Secretary Adv. S. Abdul Nazar alleged that the recent GST raids on the gold trading sector were untimely and intended to disrupt the Onam trade.
They pointed out that even a newly opened gold trading shop was raided and humiliated last week, while the inspections revealed only a nominal excess weight of gold. They added that projecting minor findings as tax evasion worth crores was nothing but an exaggeration, aimed at crippling the gold trading sector.
The leaders demanded that the details of the inspections, which involved nearly 200 officials, be made public along with accurate figures. They further urged that, at a time when trade has already declined due to rising gold prices, policies that further weaken the existing business should not be pursued. AKGSMA also called upon the government to disclose the annual turnover and tax revenue generated from the gold trading sector.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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