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Trump's Tariffs Set to Inflate Gold Lease Rates for Jewellers
Mint Mumbai
|January 29, 2025
Jewellery makers in India may soon have to pay more to lease the yellow metal from banks, as US President Donald Trump's tariff rampage rattles intermediaries in the world bullion market.
Authorized Indian banks importing gold from international banks such as JP Morgan, Citibank, HSBC and Standard Chartered on behalf of local jewellers are set to increase interest rates for so-called gold metal loans (GMLs), bankers and industry executives said.
"Interest rate on GML could be raised to 3-4% from the current 1.5-2% after 20 February, when clarity emerges on the tariff treatment of gold imports into the US," said Shekhar Bhandari, president and business head of Kotak Mahindra Bank, one of the 14 lenders authorized by the Reserve Bank of India to import gold and silver.
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