The biggest bugs in the new gold rush are Asian
Wall Street is loading up on bullion. So are people in China and India
Gold was already on a tear when President Donald Trump unveiled sweeping tariffs on much of the world earlier this month, briefly sending the price of the metal to an all-time high of $3,166 per troy ounce, up 17.4% from the day of his inauguration. On April 11th it surged past $3,200. In one part of the world, however, that has hardly curbed consumers’ enthusiasm. “Rising gold prices stopping your wedding jewellery purchase?” asks a sign outside the downtown Mumbai branch of Tanishq, India’s biggest jewellery retailer. “Pay nothing for your dream,” it declares, advertising a “festival of exchange” to trade in old jewellery for new.
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This article appeared in the Asia section of the print edition under the headline “Sticks and carats”
From the April 19th 2025 edition
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