Indonesia, a major player in the global gold market, is set to impose a new progressive export tax on gold starting in 2026. The tax structure, which will feature rates between 7.5% and 15%, is designed to incentivize domestic value addition; higher tariffs will be placed on less-processed forms of gold, such as Dore bars, while lower tariffs apply to more refined products. This significant policy shift is intended to maximize the economic benefit derived from Indonesia's status as a major gold reserve holder, but it is also expected to disrupt global supply chains. Market analysts suggest that the resulting pressure on supply could ultimately provide support for rising global gold prices in the future.

Gold Trust holdings experienced a notable reduction today, with a sell-off of nearly 4 tonnes, pushing the total holdings down to 1044 tonnes. This significant dip is viewed by many analysts as a compelling buying opportunity for ETF investors. By purchasing units during this price decline, investors can effectively lower their average cost basis, optimizing their long-term investment strategy. Conversely, Silver Trust holdings reported a more stable, albeit mixed, set of figures, with current totals maintaining the 15,218.42 tonnes level. This suggests that while there is strong movement in gold, the silver market remains relatively balanced in its current positioning.