Gold price plunge as China eliminates tax incentives

Despite this setback, gold prices have still managed to maintain an increase of over 50% in 2025 due to the underlying factors that propelled gold to higher values, which are anticipated to persist. Gold prices for immediate delivery experienced a decline of up to 1% initially, although they managed to recover most of this intraday loss, with Chinese jewellery stocks facing a significant drop. Spot gold saw a 0.1% decrease, trading at $3,997.40 per ounce in Singapore after experiencing a 2.7% decline the prior week. The Bloomberg Dollar Spot Index remained relatively stable. Beijing’s recent announcement stipulated the discontinuation of…