Key takeaways — Gold remains steady near $4,000/oz despite a Chinese tax move that could soften retail demand. Meanwhile, the United States has added silver and copper to its Critical Minerals List, highlighting metals’ strategic importance.

 

What changed in China?

The VAT rebate on certain gold sales was cut from 13% to 6%, lifting retail prices and squeezing smaller jewelers’ margins — especially in non-investment segments like jewelry.

 

Why prices stayed resilient

• Safe-haven demand remains firm amid geopolitical uncertainty.
• Low real rates continue to support precious metals.
• Market lens : investors view the measure as largely domestic and manageable.

 

U.S.: silver goes “critical”

Adding silver (and copper) to the Critical Minerals List may speed domestic projects and shape trade policy. For silver — vital to electronics, solar, jewelry and investment — expect potential volatility as supply/demand adjusts.

 

Implications for Benelux buyers

• Gold : physical premiums can wiggle, but the long-term case (diversification, inflation hedge) stands.
• Silver : “critical” status can trigger tightness or surges; product selection and timing matter.

 

Bottom line

Chinese fiscal moves and U.S. strategic positioning show how policy and precious metals are intertwined. With gold near highs, a disciplined, staggered buying approach remains prudent.