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Gold holds near $4,000 after China ends tax break for retailers

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Bloomberg

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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.

Bloomberg

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. 
 



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Pitti Bimbo 102 and Pitti Filati 98 prepare to kick off in Florence

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January 20, 2026

Everything is in place for the major innovation of Pitti Immagine’s Winter 2026 shows: the concurrent scheduling at Florence’s Fortezza da Basso of the events dedicated to childrenswear and yarns, with Pitti Bimbo 102 scheduled for January 21 and 22 and Pitti Filati running from January 21 to 23.

On the Top Floor of the Central Pavilion, Pitti Bimbo brings together more than 100 childrenswear brands, over 65% of which are from abroad. “This winter edition of Pitti, and the one next June, are very important for the fair, because we expect them to provide feedback- and we trust it will be a positive endorsement- of the new approach we have given to the exhibition offering, aligning it with the profound transformations in children’s clothing and accessories, which in recent seasons have accelerated at a very fast pace,” commented Raffaello Napoleone, CEO of Pitti Immagine. “The fragmentation of the production structure, the polarisation between luxury and fast fashion, the drastic downsizing of retail, not to mention regressive demographic trends and their effects on consumption models and volumes. It was inevitable that all this would completely call into question the entire international trade fair system, including our show. We do not hide the difficulties; the next steps are crucial, but Pitti Bimbo remains the most important event in Europe and the only champion of Italy’s industry in the sector- a high-quality, long-established industry. Reacting, innovating, and proposing effective meeting formats are our duty, and we are working on this with great determination.”

Interpreting the “Motion” theme of Pitti Immagine’s winter shows through the cute penguin Pitt, the star of the campaign created by Amedeo Piccione, the show will bring together on the Top Floor of the Central Pavilion all the facets of childrenswear: from the big names and leading brands that reinterpret adult fashion in mini-me form, to younger, pioneering research labels spanning fashion, design, toys, objects, and small furnishings.

Spanish brand Bobo Choses is a partner in The New Edit project.
Spanish brand Bobo Choses is a partner in The New Edit project.

During the show, Miniconf celebrates 35 years of Sarabanda with an art project that reinterprets the brand’s most iconic campaigns through a contemporary lens, spanning four decades of style and creativity with four works created by Casentino artist Elia Fiumicelli.

New for this edition is the debut of The New Edit, a project focused on contemporary childrenswear that pairs collections with special events and presentations, developed in collaboration with Spanish brand Bobo Choses, which leads the line-up alongside Cozmo, Grey Label, Maison Mangostan, Mini Rodini, PiuPiuChick, The Campamento, The New Society, Tangerine, and True Artist.

The Family Circle, the marketplace founded in Hamburg by Nadine Jung, once again brings to the fair a selection of lifestyle labels and emerging designers that combine quality, attention to materials, and a playful approach to style. The featured brands are 2StoriesKids, Alwero, Bygge, FabFabStickers, Holzwald, Igelkind, Kiko+ & gg, Little Who, and Organicera. In addition to individual stands in the Pitti Bimbo exhibition itinerary, The Family Circle curates a collective exhibition area dedicated to the latest trends, featuring the brands Ambosstoys, Cosy Roots, Routinchen, The Momence Club, and Yogitier.

Finally, Ama Gioconaturalmente, Italy’s leading distributor of brands specialising in kids & family lifestyle, presents a carefully curated selection of high-quality labels, perfect for supporting children’s growth and fulfilling their wishes: Hoppstar, Kids’ Concept, Oli&Carol, Play&Go, Petit Jour Paris / Maison Petit Jour, Quut, Scoot&Ride, Wild&Soft, Egmont Toys, We Are Gommu, and Trixie.

Turning to Pitti Filati, 103 companies are presenting their S/S 2027 collections, including many of the most important Italian and international spinning mills. In detail, there are 67 exhibitors in the Filati area (including nine from abroad: the UK, Japan, Turkey, China, Peru); 21 companies in the CustomEasy area (five from abroad: Japan, Romania, China); 10 exhibitors within the KnitClub area (three from abroad: Hong Kong, Japan, the US); and five companies in the Institutional Area (including one from Australia).

During the show, the Feel the Yarn knitwear contest returns, now in its 17th edition, showcasing the mood boards of 34 participants, selected from over 150 entries and paired with 34 spinning mills from the Feel the Yarn group.

The two shows have separate entrances, but childrenswear brands and designers also have the opportunity to visit Pitti Filati and its Spazio Ricerca to draw inspiration for their future collections.

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Dsquared2 appoints Chiara Baravalle as general manager

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January 20, 2026

The day after announcing a new long-term licence agreement with Staff International, Dsquared2 announced the appointment of its new general manager, Chiara Baravalle, who steps in to lead the Caten brothers’ brand after working closely with Marco Bizzarri, first at Gucci as chief of staff and, more recently, at the investment firm Forel as managing director.

Chiara Baravalle is the new General Manager of Dsquared2.

Previously, Baravalle, who began her career in Silicon Valley after graduating from Stanford University, served as general manager at Elisabetta Franchi and as a management consultant at Bain & Company in the Fashion and Luxury division.

“We are thrilled to welcome Chiara to Dsquared2,” said the brand’s founders and creative directors Dean and Dan Caten. “Her strategic vision, operational expertise and hands-on leadership style make her an ideal partner to embark on the next chapter of the brand’s journey. 2026 marks the beginning of a new phase, focused on reactivating the brand and laying the foundations for sustainable growth. Chiara knows that brands are living systems, built on people, culture and clarity of purpose.”

Baravalle will be tasked with leading a strategic reset focused on strengthening the brand’s foundations, sharpening execution, and ensuring long-term growth. In particular, her goals will be to win over younger consumers and accelerate expansion in key markets.

“Dsquared2 is a bold and iconic brand that anticipated many of the product and marketing strategies that have since become industry standards. The dualism at the heart of Dsquared2- between Canadian utility and Italian tailoring, between pioneering spirit and irreverent sensuality, between two creative forces- feels more relevant than ever,” said Baravalle, commenting on her appointment.

“The AW26 fashion show was a powerful demonstration of Dean and Dan’s mastery of showmanship, while the product itself reflects their sartorial expertise. It is a pleasure to work with Dean and Dan, whose iconoclasm and sincerity set them apart in the industry, and whose life’s work it is an honour for us to carry into the future,” Baravalle said.

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​Wales Bonner launches Autumn Winter 2026 campaign exploring the romance of harmony

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January 20, 2026

Wales Bonner has launched its lookbook for Autumn Winter 2026, shot by Malick Bodian. Exploring the romance of harmony, Wales Bonner reimagines classic uniforms through a sensuous, poetic lens.

A look from ‘Morning Raga’ by Wales Bonner – Malick Bodian

 
Inspired by an elemental simplicity, Wales Bonner presents design classics including suits, polo silhouettes, top coats, and chore jackets, reimagined through the label’s signature European heritage meets Afro Atlantic lens, for its Autumn Winter 2026 collection ‘Morning Raga.’ Driven by the pursuit of harmony in modernist architectural traditions, both men’s and women’s looks feature nostalgic tailoring and a subtle blend of textures, from Italian wool and satin to leather and metal studs.

A poetic suit by Wales Bonner
A poetic suit by Wales Bonner – Malick Bodian

 
“From early design ideals of purity to the bold vision of figures like Indian architect Balkrishna Doshi, the collection presents a wardrobe between the practical and the sensual,” the brand announced in a press release.

The almost liminal set was designed by Jabez Bartlett and looks were styled by Tom Guinness. Jonny Lu Studio’s art direction continued the dreamy atmosphere of the campaign as models cast by Rachel Chandler pose in contemplative stances.

Men's and women's looks from 'Morning Raga'
Men’s and women’s looks from ‘Morning Raga’ – Malick Bodian

 
Grace Wales Bonner launched her eponymous label in 2014, following her graduation from Central Saint Martins in London, and she won the LVMH Young Designer Prize in 2016. Wales Bonner was named as Hermès’ creative director of menswear in October last year.

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