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Gold sees significant decline on global trade tensions, recession fears

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Spot gold experienced a significant decline on Monday, April 7, 2025, dropping 0.3% to $3,027.90 per ounce after hitting a 3.5-week low earlier in the session. This unusual behavior for gold, traditionally a safe-haven asset, prompted market speculation that investors are selling bullion to realize profits or cover margin calls on other investments. The sell-off is attributed to escalating global trade tensions and the resulting fears of a potential global recession.

Adding to the bearish sentiment, Morningstar’s John Mills foresees gold prices plummeting to $1,820 per ounce—a 38% decline—driven by easing inflation and potential trade normalization. Mehta Equities’ Rahul Kalantri attributes recent volatility to factors like a weak US jobs report and dovish Fed signals, projecting key trading ranges for gold.  

Gold prices face a potential 38% decline, according to Morningstar’s John Mills, who forecasts a drop to $1,820 per ounce due to shifting market dynamics. Meanwhile, Mehta Equities’ Rahul Kalantri warns of persistent extreme volatility, outlining specific support and resistance levels in both USD and INR, and attributing the recent swings to various economic indicators.  

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Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC

The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.

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The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.

The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.

The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.

Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.

However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.

Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.

With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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