On Sunday, President Trump announced that for humanitarian considerations of stranded crew members of 800 ships stranded in the Gulf, the U.S. Navy would begin “guiding” neutral ships through the Strait of Hormuz under “Project Freedom.” Iran’s Khatam al-Anbiya Central Headquarters responded that “any foreign armed force, especially the U.S. military” entering the Strait will be attacked, as Iran intends “with full force, [to] maintain and powerfully manage the security” of the Strait. The U.K. Maritime Trade Operations authority subsequently reported a northbound bulk carrier was attacked by multiple Iranian small craft 11 nautical miles south of Sirik, Iran.
In an effort to “facilitate trade and improve business environment,” China’s PBOC and General Administration of Customs announced licensing rules for gold imports and exports will be eased beginning June 1. The move extends the validity of “multi-use permits” from six to nine months and removes limitations on the number of times they may be used, as well as authorizing more Chinese ports to clear bullion. Separately, China ordered local companies not to comply with U.S. sanctions on five domestic refiners (incl. Hengli Petrochemical) linked to the Iranian oil trade.
India Bullion and Jewelers Association Secretary Surendra Mehta announced India’s gold imports fell to a three-decade low of 15t in April after Indian customs reversed an exemption for gold-importing banks to pay a 3% integrated goods and services tax enacted in 2017. Banks import the majority of India’s refined gold but in April these imports fell to near zero.
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