International News
Gold declines and investors opt for dollar, prioritize liquidity

Gold, often considered the quintessential safe-haven asset, witnessed a notable retreat on Monday, slipping over 2% from last week’s record highs. This downturn came as investors, rattled by escalating trade tensions between the U.S. and China, shifted their focus towards the U.S. dollar and other safe-haven currencies like the Swiss Franc and Japanese Yen. The move reflects a broader market recalibration in the face of renewed economic and geopolitical uncertainties.
Spot gold prices fell by 2.4%, settling at $2,963.19 an ounce by early afternoon ET. During the session, the precious metal touched a near four-week low of $2,955.89. Meanwhile, U.S. gold futures also closed 2% lower at $2,973.60. This decline follows an all-time high of $3,167.57 reached just last Thursday, underscoring the volatility gripping the commodities market.
Investor sentiment shifted in favor of the U.S. dollar, which rebounded from a six-month low. A stronger dollar makes gold more expensive for holders of other currencies, putting downward pressure on its price. This change in preference indicates that, during times of acute uncertainty, investors may prioritize liquidity and ease of access — qualities traditionally associated with the dollar — over long-term value storage like gold.
The gold market is currently experiencing significant stress, largely driven by liquidity concerns and speculative activity. According to Bart Melek, head of commodity strategies at TD Securities, margin covering by traders — the need to cover losses on leveraged positions — has added to gold’s downward pressure. This phenomenon typically accelerates declines as investors sell assets to raise cash.
The primary catalyst for the market turmoil is the intensification of the U.S.-China trade conflict. President Donald Trump has floated the possibility of imposing a 50% tariff on Chinese imports if Beijing fails to roll back its own retaliatory tariffs. Meanwhile, speculation that the U.S. administration might pause tariffs for 90 days on all nations except China was dismissed by the White House as “fake news,” adding to the confusion and uncertainty.
Despite the short-term dip in gold, the broader macroeconomic backdrop continues to support a bullish outlook for the precious metal. Futures markets are now pricing in approximately 120 basis points of rate cuts from the U.S. Federal Reserve by the end of the year. The probability of a rate cut as early as May has also risen to 37%. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, thereby boosting their attractiveness.
Analysts remain optimistic about gold’s long-term potential. The metal continues to benefit from robust central bank demand and remains a favored hedge during periods of financial instability and geopolitical strain. The recent correction may be seen more as a pause or consolidation phase rather than a reversal of trend, particularly given the fragile state of the global economy.

International News
Marie Antoinette’s Jewels take center stage at V&A Exhibition
London’s Victoria and Albert Museum (V&A) is set to host a captivating exhibition, “Marie Antoinette Style,” showcasing an extraordinary collection of jewelry and personal items once belonging to France’s last queen

Opening from September 20 to March 22, 2026, at the V&A’s South Kensington location, this marks the first UK exhibition solely dedicated to Marie Antoinette.
Among the dazzling highlights are pieces believed to have been smuggled out of France before her execution, including a natural pearl and diamond pendant that fetched $36 million in 2018, and a double-ribbon bow brooch.
A central exhibit is the priceless Sutherland Riviere-style diamond necklace, featuring 20 large old brilliant-cut diamonds, some of them rare Type IIa Golconda stones. This necklace is famously linked to Marie Antoinette and the infamous Affair of the Diamond Necklace scandal of 1785. The exhibition will delve into this historical fraud, in which an extravagant diamond necklace—originally commissioned for King Louis XV’s mistress Madame du Barry—was illicitly acquired. Though Marie Antoinette was innocent, the public blamed her, further fueling anti-monarchy sentiment leading up to the French Revolution. While the original Boehmer and Bassenge necklace was broken up, it’s widely believed that some of its diamonds found their way into the Sutherland necklace. A replica of the original necklace will also be on display.
The Sutherland diamonds, long held by British aristocracy, were acquired by the V&A in 2022. The exhibition will feature approximately 250 objects, including exceptional loans from the Chateau de Versailles, offering a rare glimpse into the queen’s life through richly embellished fragments of court dress, her silk slippers, and other personal items never before seen outside France.
International News
Top UK buyers attend India–UK Gem & Jewellery BSM, boost trade confidence ahead of FTA
Top UK retail and wholesale buyers turned out in strength at an inaugural Buyer-Seller Meet (BSM) organised by GJEPC in London.

The inaugural UK Gem & Jewellery Buyer-Seller Meet (BSM) in London, was held on 8th-9th July 2025 at the hospitality area at Arsenal stadium in north London.
The BSM was inaugurated by Ms. Nidhi Mani Tripathi, Hon’ble Minister (Economic), High Commission of India, London, alongside Mr. Nilesh Kothari, Convener, International Exhibitions, GJEPC, and other dignitaries from both countries’ gem and jewellery sectors.
Senior representatives of India’s High Commission in London took part in the inauguration ceremony, including a leading negotiator in the India-UK trade deal.
Over 100 UK retailers, wholesalers, distributors, and representatives of the hallmarking community attended the event, including some of the UK’s most respected jewellery buyers such as Brown & Newirth, Gemporia, and Optima, thus affirming the UK’s growing appetite for India’s design-led, export-ready jewellery, and underscoring the growing confidence in Indian manufacturing and the business potential unlocked by the forthcoming India–UK Free Trade Agreement (FTA).
The GJEPC seized the opportunity from a landmark India-UK trade deal announced earlier this year, to advance trading links with the UK’s gemstone and jewellery market.
India is a leading supplier of manufactured and handcrafted jewellery, polished diamonds and gemstones, to markets around the world. GJEPC spearheads the push to boost Indian gem and jewellery exports.
Commercial links between the UK and India are vibrant because of the two countries’ intertwined histories and a large population of British South Asian people currently residing in the UK.
That population segment is served by an estimated 800-900 British South Asian jewellers in the UK, who predominantly supply high-value 22-karat gold jewellery.
Attendees at a delegates’ lunch included UK jewellery manufacturers, silver jewellery suppliers, senior hallmarking executives, retail buyers and UK trade show organisers, as well as staff from the UK’s National Association of Jewellers (NAJ), intermingling with the BSM organisers and GJEPC representatives.
Another key development was a gathering of senior jewellers with the NAJ leadership on the sidelines of the event, to drive forward plans for British South Asian jewellers to create a professional community group within the NAJ.
At the BSM, India showcased a number of well-established manufacturers to the visiting UK buyers.
Uni-Design Jewellery presented necklaces connected with charms telling a story in the wearer’s life; and Fine Jewellery Manufacturing offered pieces that embrace moves towards greater sustainability, crafted using recycled precious metals.
Mumbai-based jewellery manufacturer Walking Tree showcased “white label” solutions offered to UK retailers; and designer Suyasha Lunawat presented the Lunaya demi-fine jewellery range, featuring gemstones and enamel work, offered by Exxotic India.
Zillionaire presented a men’s hip hop jewellery range, in tune with present jewellery design trends in the market; and Sterling Ornaments, a manufacturer based near New Delhi, introduced their sterling silver jewellery range.
Organisers said privately that they were delighted with the feedback to the BSM and expressed optimism that the event would return to the UK for a second edition. Buyers explored a wide range of offerings spanning fine diamond jewellery, coloured-stone pieces, silver jewellery, and lab-grown diamond collections.
The BSM brought together 26 top Indian manufacturers from hubs like Mumbai, Jaipur, Surat, and Delhi.
International News
Gold prices edge higher on Trump tariffs, Russia caution
Gold’s gains were limited because the U.S. dollar is also performing well. The dollar went up as investors waited for important inflation data to be released on Tuesday. Spot gold rose 0.2% to $3,361.42 an ounce, while gold futures rose 0.3% to $3,374.80/oz .

Gold prices edged up a bit in Asia today, continuing their recent climb. Investors are feeling a little nervous because of the possibility of the U.S. President, Donald Trump, raising tariffs on imported goods. This nervousness drove investors to safe haven assets. Safe haven demand was also buoyed by reports that Trump planned to send offensive weapons to Ukraine, potentially escalating a conflict with Russia.
Physical demand, however, stayed subdued in Asia due to high prices and seasonal weakness, with Chinese premiums steady at $10–$25 an ounce and Indian discounts narrowing to $8 per ounce amid tight local supply and low imports in May and June. Typically, India’s gold demand softens during the monsoon season, while premiums in Hong Kong and Singapore hovered at modest levels.
President Donald Trump’s aggressive tariff moves—including a fresh 35% levy on Canadian imports from August 1 and plans for 15–20% blanket duties on most other trade partners—fueled investor anxiety over global growth and inflation. This was compounded by his push for a dramatic 300 bps cut in the Fed funds rate, which stirred speculation about a dovish tilt in US monetary policy and raised concerns about longer-term inflation risks.
Further compounding this anxiety is President Trump’s aggressive push for a significant 300-basis-point reduction in the Federal funds rate. This call has ignited speculation about a potentially dovish shift in U.S. monetary policy, raising concerns among some market participants about longer-term inflation risks. In such an environment, gold, often seen as a hedge against inflation and economic uncertainty, typically finds favor.
Despite the macro tailwinds, physical demand for gold in Asia remained subdued. Elevated prices and seasonal weakness, particularly as India enters its monsoon season, contributed to softer buying. Chinese gold premiums held steady at a modest $10-$25 an ounce, while Indian discounts narrowed to $8 per ounce, reflecting tight local supply and a slowdown in imports during May and June. Premiums in key trading hubs like Hong Kong and Singapore also hovered at modest levels.
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