The gold market cooled off to $3300 (~Rs 95000) after reaching $3500 (~Rs 99350) last week as Donald Trump signalled a potential softening of his aggressive trade stance toward China and indicated that tariff negotiations were underway.

While market tensions have subsided, uncertainty remains high enough to sustain gold prices at their current levels. While President Donald Trump claims his government has begun trade discussions with China, he has stated that the US will be reasonable in terms of tariffs and that markets are reacting to tariff policies. He also stated that Iran’s situation is progressing nicely and proposed a possible interim agreement with Iran.

Other geopolitical issues are currently at play. According to reports, high-level Trump administration official Steve Witkoff is scheduled to meet with Russian President Putin soon. There are also rumours that the United States and Israel will destroy Iran’s nuclear capacity if Iran does not reach an agreement with the US.

The Reserve Bank of India purchased 57.5 tonnes of gold during the previous fiscal year, the second-highest acquisition in a year since the central bank began accumulating the precious metal in December 2017. As of March 2025, the RBI’s entire gold stock amounted to 879.6 tonnes, up from 822.1 tonnes the previous year. During 2023-24, the RBI added 27.47 tons of gold to its holdings, at a time when central banks throughout the world were expanding their gold purchases due to the US dollar’s prolonged weakening amid global uncertainty.

The creation of a “Shooting Star” candlestick pattern in the weekly charts, indicates a probable uptrend reversal, which was an intriguing technical component of gold’s price movement last week.   If prices sustain below $3300 (~Rs 95000) this week, they may fall 50% to $3240 (~Rs 93000) and 61.8% to $3175 (~Rs 91500).

Having said that, if there is a new trigger of instability in trade talks in the market, we could see gold prices rebounding again. And if prices sustain above $3380 (~Rs 96400), we could see a run up towards $3435(~Rs 97400) and $3500(~Rs 99400).

Demi-fine jewellery label Palmonas has launched its first retail store in North India, opening doors at the bustling Omaxe Chowk in Chandni Chowk, New Delhi. The store showcases a wide selection of lightweight, stylish jewellery designed for modern women and features promotional visuals of Bollywood actress and brand co-founder Shraddha Kapoor.

“Palmonas was born out of the idea to offer stylish, long-lasting, and affordable jewellery for modern Indian women,” said Shraddha Kapoor, India Retailing reported. “Each piece is crafted to complement everyday looks while making a statement. I’m so excited to see our first North India store come to life at such a vibrant location like Omaxe Chowk, Chandni Chowk.”

The new outlet offers a curated range of necklaces, rings, bracelets, and earrings tailored to Indian shoppers looking for contemporary, budget-friendly jewellery. With its focus on tarnish-resistant, lightweight designs perfect for everyday use, Palmonas has built a strong global footprint, shipping to over 200 countries.

“Omaxe Chowk, Chandni Chowk, with its blend of heritage and modern infrastructure, is emerging as a launchpad for such brands,” said Omaxe Group’s executive director Jatin Goel. “Palmonas’ entry here is not just a store opening—it represents the growing appetite for curated, experiential retail that resonates with the next generation of shoppers.”

Founded in Pune in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas later welcomed Shraddha Kapoor as a co-founder. With this Delhi debut, the brand joins an elite line-up of jewellery labels at Omaxe Chowk, including Tanishq, Malabar, CaratLane, Kalyan Jewellers, Senco, and Kisna, as it continues to expand its presence in India’s thriving jewellery market.

On April 24, the Gem & Jewellery Export Promotion Council (GJEPC) led by Chairman Mr. Kirit Bhansali held a high-level industry interaction in Surat, bringing together major stakeholders to address current challenges, including the recent US tariffs, and to strategize for future growth.

Joining Mr. Bhansali were Mr. Saunak Parikh, Vice Chairman; Mr. Sabyasachi Ray, Executive Director; and Mr. Jayanti Savaliya, Regional Chairman – Gujarat. They were welcomed by industry stalwarts including Mr. Govindbhai Dholakia (MP – Rajya Sabha and Chairman, Surat Diamond Bourse), Mr. Laljibhai Patel, Mr. Nagjibhai Sakariya, Mr. Vallabh Lakhani, and heads of associations representing natural and lab-grown diamonds and jewellery manufacturers.

A key focus of the meet was the impact of recent US import tariffs on Indian exports. Mr. Ray presented a detailed overview of the situation, while Mr. Savaliya shared positive updates on resolving Customs-related issues affecting the trade.

Emphasizing the city’s importance, Mr. Bhansali stated, “Surat is not just a city of diamonds; it is the pride of our industry.” He praised its critical role in the global supply chain and reaffirmed GJEPC’s commitment to supporting the region.

Mr. Dholakia applauded GJEPC for building trust between the industry and policymakers, while Mr. Parikh highlighted future opportunities. He suggested that India could benefit strategically from the shifting global dynamics caused by the US tariffs and identified silver jewellery as “the next big thing” for expansion. He also stressed the need to promote direct rough diamond trading in Surat.

The event concluded with a unified commitment to strengthening India’s position as a global leader in gems and jewellery, with Surat at the heart of that vision.