Trump Tariffs on Indian Imports: Irked by India’s trade of Russian oil, US President Donald Trump has imposed an additional tariff of 25 per cent on all Indian imports. The new levy has taken the total tariffs imposed on India to a total of 50 per cent. This significant tariff hike has sparked concerns among jewelers and investors across India. Dainik Jagran team recently spoke to the commodity expert and Chief Research Analyst at Kedia Commodity Comtrade Pvt Ltd, Ajay Kedia, about the impact of US’ tariffs on India.
Here is a summary of his insights and advice for investors.
According to Ajay Kedia, the biggest impact of the Trump’s tariffs will be on Indian jewelry, as a majority of India’s gold is exported to the US in the form of studded jewelry and diamonds. Furthermore, the value of the rupee has also weakened due to the tariffs, which has directly affected the price and demand for gold. The tariffs will not have a direct, immediate impact on the Indian economy, but their indirect repercussions are expected to be significant and observable.
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Should You Buy Gold?
Ajay Kedia advised that the decision to buy gold depends on the purpose.
For wedding purposes: If you are buying gold for a wedding, now may be a good time to purchase a significant amount.
For daily use: For those looking to buy gold for daily needs, Kedia suggests buying only a small quantity.
Regarding investment, Kedia believes it is wise to wait. He stated that the price of gold could increase amid global uncertainty, and investors should wait for some improvement in the current scenario before making a purchase.
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Gold Market Overview
Gold prices soared on Thursday, August 7, as investors sought safe-haven assets amidst rising tensions between India and the US. These tensions were triggered by the India-Russia oil trade. Meanwhile, President Trump has remained firm on the tariffs, a stance further fueled by disappointing US jobs data, a weakening dollar, and expected rate cuts by the Federal Reserve. The ongoing tariffs are making gold a highly attractive asset for investors, with prices rising to USD 3,400 by August 7.