Fashion
Gold holds near $4,000 after China ends tax break for retailers
By
Bloomberg
Published
November 3, 2025
Gold held around $4,000 an ounce after a weak start on Monday, as China ended a long-standing tax rebate for some retailers in a change that could weigh on demand in one of the world’s largest precious-metals markets.
Bullion for immediate delivery traded little changed towards midday in London, after falling as much as 1% in early trade. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax fully when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange. The news sent Chinese gold jewelry stocks tumbling.
Under the new policy, companies producing so-called non-investment gold, such as for jewelry or industrial applications like electronics, can offset only 6% of the VAT, down from 13% previously. Firms that are not members of the exchanges will be subject to the same change when they sell investment products including gold bars.
Gold surged to a record in October, pushed higher by a retail buying frenzy, but it has since dropped sharply. Prices are still up by more than 50% year-to-date, even after the pullback. Many of the fundamentals that fueled the rally, including central bank and haven demand, are expected to remain in place.
“The tax changes in gold’s heaviest consumer nation will dent global sentiment,” said Adrian Ash, director of research at BullionVault. But the rebound in London markets on Monday, following weakness during Asian hours, shows that bullish mood remains strong, he
“China’s new policy complicates gold’s new found holding pattern, potentially hurting its ability to stay above $4,000. It remains to be seen if official-sector demand can offer a solid-enough backstop to offset any drag from Chinese consumers.”
Among jewelry stocks, Chow Tai Fook Jewellery Group Ltd. fell as much as 12% in Hong Kong, Chow Sang Sang Holdings International Ltd. shed more than 8%, and Laopu Gold Co. dropped more than 9%. The tax change is “likely to see the entire industry raise prices to pass through the cost pressure,” Citigroup Inc. analysts including Tiffany Feng wrote in a note.
Spot gold was trading at around $4,004.86 an ounce as of 11:32 a.m. in London. Silver was also little changed, while platinum and palladium rose.
In September 2025, exports totalled $42.7 billion, up 24.7 per cent year-on-year (YoY), while imports increased 24.9 per cent to $39.8 billion. Vietnam continues to strengthen its position in global supply chains, driven by strong trade activity and participation in multiple free trade agreements (FTAs), said Vietnamese media reports citing Standard Chartered Bank’s latest macroeconomic update on Vietnam.
Credit growth surged beyond 15 per cent YoY. Meanwhile, disbursed Foreign direct investment (FDI) climbed 8.5 per cent YoY to $18.8 billion and pledged FDI rising 15.2 per cent to $28.5 billion during the first nine months of 2025.
Standard Chartered has lifted Vietnam’s 2025 GDP growth forecast to 7.5 per cent (from 6.1 per cent) and 2026 to 7.2 per cent (from 6.2 per cent), citing strong momentum and easing inflation.
Exports surged 24.7 per cent YoY in September 2025, while FDI and credit growth also strengthened.
The bank highlighted Vietnam’s growing role in global supply chains and resilient economic performance.
“Vietnam’s resilience and adaptability are evidenced by its successful attraction of strong FDI and robust export growth, solidifying its strategic role in global supply chain diversification and pointing to strong prospects for continued economic expansion,” said Tim Leelahaphan, senior economist for Vietnam and Thailand at Standard Chartered Bank.
Fibre2Fashion News Desk (SG)
Published
November 4, 2025
Authentic Brands Group’s Juicy Couture business is upping its game in denim as of this month with the launch of its new denim collection.
Debuting globally on 17 November, it’s described as “a bold evolution for the cult label that defined a generation of Y2K glamour. Two decades after the world fell in love with Juicy’s velour tracksuits, the LA-born brand expands its reign with a collection that reimagines its signature confidence and playfulness in a new lens: denim”.
The company said the day-to-night collection blends “LA attitude with contemporary style” and “celebrates individuality through flattering, feminine silhouettes and elevated detailing”.
It takes in low-rise flares “with unapologetic early-aughts energy” to wide-leg jeans designed with “serious main-character appeal”.
Key pieces include the Diamanté Booty Short, Diamanté Wide Leg, Dog Crest Bootcut Jean, Dog Crest Skirt, JC Crest Flare Jean, JC Crest Pleat Skirt, and Midrise Bootcut Jean.
They use “premium” cotton denim and are finished with signature Juicy detailing such as embroidered logos, crystal trims and classic hardware.
The company also said the supporting campaign “embodies a new kind of Juicy girl, bold, empowered and effortlessly sexy”.
Authentic has been very busy on the Juicy Couture front in the last 12 months. In December last year it made a London store comeback at Westfield and in March this year it struck a deal to enter India. It’s also been boosting its beauty business and only last month it tapped two-time WNBA All-Star and cultural icon Angel Reese as its new global ambassador and creative collaborator.
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