International News
Tonnage demand in China for gold jewellery stays tepid, consumer spending on gold jewellery was robust:WGC
In the first two months of 2025, during the Chinese New Year festive season, gold bars, coins and ETFs saw an uptick in demand driven by several factors – such as gold’s global stability as an investment asset & China’s sluggish economic growth coupled with the Yuan’s volatility. While gold jewellery demand also showed some improvement, it remained weak when measured in tonnage.
During the lunar new year period, jewellery stores anticipated higher consumer interest as compared to previous months, according to the World Gold Council.
About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025. This represents a 3% rise month-on-month but well below the same period in the previous years, highlighting the soaring gold price’s negative impact on the tonnage of gold jewellery demand.
“Elevated gold prices pushed consumers more towards lightweight pieces. While tonnage demand for gold jewellery may have stayed tepid, consumer spending on gold jewellery was robust,” Roland Wang, China CEO, World Gold Council said. In China, weddings play a notable role in gold sales. However, this year may see the lowest number of marriages take place in China in 10 years and that could negatively affect gold jewellery consumption. “Mass-appeal jewellery products with lower labour charges but finer craftsmanship will continue to attract consumers,” says Wang.
So far, Chinese consumer behaviour towards gold in 2025 mirrors 2024 trends. Up until November 2024, gold reigned as the best-performing investment asset in China, with its RMB (Yuan) value appreciating nearly 28%. Gold thus drew more investors and less jewellery buyers last year. Gold bar and coin investment in the first three quarters of 2024 reached its highest level in 11 years. In contrast, demand for gold jewellery dropped to its lowest level in 14 years.
However, last year total gold consumption in China fell 10% year-on-year. As weak demand was anticipated due to slow economic growth, China imported 14% less gold in 2024 as compared to 2025, and 16% below the pre-Covid five-year average.
To uplift China’s economic condition in 2025, the Chinese government has made consumer spending its topmost priority.In a parliamentary session in Beijing, earlier this month, Chinese Premier Li Qiang promised to vigorously boost domestic consumption as the country set a 5% growth target.
This year, China has raised its budget deficit to 5.66 trillion Yuan ($780 billion) or around 4% of gross domestic product, the highest level in almost 3 decades, according to various news agency reports.
The International Monetary Fund (IMF) and Bloomberg’s median forecast China’s GDP to grow at 4.5% in 2025, year-on-year; economic growth in China, according to the World Gold Council, will be the biggest driver for gold investments and consumption of jewellery.
As an investment asset, bar and coin sales could continue gaining momentum and any gold price adjustment could be considered a good opportunity to enter for investors in 2025.As China looks to navigate through its slow economic growth, it is exploring increased investments in assets that offer stable yields.
A new programme launched earlier in February by the National Financial Regulatory Administration of China allows the country’s insurers to invest 1% of their assets in bullion. Ten insurance firms in China including China Life Insurance Co. will be able to invest their assets in precious metals like physical gold. China is the world’s second largest insurance market, and this pilot project could unlock up to $27.4 billion in investment
International News
Precious Metals prices slump on easing geopolitical tensions AIUGMONT BULLION REPORT
Gold and silver prices continued their downward trend as easing geopolitical tensions and expectations of dovish signals from Fed Chair Powell at the Jackson Hole symposium weighed on safe-haven demand. Markets anticipate two rate cuts this year, with the first likely in September, while optimism over a potential Russia-Ukraine peace deal further reduced risk premiums.
- Concerns over the Russia-Ukraine peace deal and expectations of dovish comments from Fed Chair Powell at the Jackson Hole symposium have caused gold and silver to continue their downward trend due to the likelihood of reducing geopolitical tensions.
- President Zelensky of Ukraine and Russian President Vladimir Putin may soon meet. The meetings with Donald Trump were hailed by Ukrainian President Zelenskiy, who described them as a major step toward ending the current conflict and opening the door for possible talks with Russian President Putin.
- However, market players are simultaneously expecting that Powell will clue them in his speech as to whether a rate cut is likely at the meeting in September. Two 25 basis point rate reductions are anticipated this year, according to FED probability, with the first one possibly taking place in September.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~Rs 98500), while $3445 (~Rs 100,500) remains the resistance
- As Silver prices have broken their support of $37.5(~Rs 112,500), prices are expected to fall towards $36.50 (~Rs 109,500).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3340/oz | $3445/oz |
| Indian | ₹98,500 / 10 gm | ₹100,500 / 10 gm | |
| Silver | International | $36.5/oz | $39/oz |
| Indian | ₹109,500 / kg | ₹115,000 / kg |
International News
Precious Metals dip after Trump-Zelensky talks AUGMONT BULLION REPORT
Gold slipped below $3,380 (₹99,400) as focus shifted to the Fed’s Jackson Hole symposium and President Trump’s talks with European and Ukrainian leaders. Markets await Fed Chair Powell’s remarks for cues on a possible September rate cut. Technically, gold eyes $3,340 (₹98,500) support with $3,445 (₹100,500) as resistance, while silver is expected to trade between $37.5 (₹1,12,500) and $39 (₹1,15,000).
- Gold prices slightly declined below $3380 (Rs 99400) as investors’ attention was drawn to the Federal Reserve’s annual Jackson Hole symposium and US President Donald Trump’s meeting with European and Ukrainian leaders.
- In a White House meeting with President Zelensky, alongside European and NATO officials, President Trump voiced hope that the war in Ukraine would be over.
- After the negotiations, he claimed, the US will be “involved” in keeping the ceasefire and would call Russian President Putin.
- Amidst mounting anticipation for a September interest-rate decrease, markets will be closely observing Federal Reserve Chair Jerome Powell’s forthcoming statements at the Jackson Hole Symposium as well as the minutes from the Fed’s most recent meeting.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance
- Silver prices are expected to consolidate in a range of $37.5(Rs 112,500) to $39(~Rs 115,000).
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3340/oz | $3445/oz |
| Indian | ₹98,500 / 10 gm | ₹100,500 / 10 gm | |
| Silver | International | $37.5/oz | $39/oz |
| Indian | ₹112,500 / kg | ₹115,000 / kg |
International News
Gold price drifts lower to near $3,330 ahead of US-Ukraine talks
Pandora posted 4% revenue growth to DKK 7.08 billion in Q2 2025, driven by strong US demand and a 36% surge in lab-grown diamond sales. The brand will close 100 underperforming China stores—double earlier estimates—while still targeting 400–500 new global openings by 2026.
Gold prices edged lower to around $3,330 in early Asian trading on Monday, pressured by stronger-than-expected US economic data. The drop comes ahead of a key meeting later in the day between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, which traders are watching closely for geopolitical signals.
Last week’s US Producer Price Index (PPI) rose 3.3% year-on-year in July, well above market expectations of 2.5% and the previous 2.4%. The hotter-than-expected inflation reading reduced bets on a potential Federal Reserve rate cut in September, creating headwinds for the yellow metal.
Adding to the picture, US Retail Sales grew 0.5% month-on-month in July, matching forecasts but slightly below June’s upwardly revised 0.9%.
While strong economic data pressures gold, safe-haven demand linked to geopolitical tensions may limit further downside in the near term.
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