International News
Gold sees significant decline on global trade tensions, recession fears
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.
International News
The London Bullion Market Association Releases Country of Origin (CoO) Sourcing Report
Data Highlights Overall Stability In Gold Sourcing, A Slight Contraction In Silver Volumes
The London Bullion Market Association (LBMA) released its latest seven-year Country of Origin (CoO) sourcing report for Good Delivery List (GDL) refiners. The data highlights overall stability in gold sourcing, a slight contraction in silver volumes, and a continued dominance of recycled material across both metals.
Key Data Highlights
Gold Sourcing (5,536 tonnes total | ▲ 3% YoY)
Recycled Gold: Rose 7% to 3,755 tonnes, making up the bulk of overall supply.
Mined Gold: Dropped 5% to 1,782 tonnes.
Artisanal & Small-Scale Mining (ASM): Rose 24% to 54.6 tonnes (led by Bolivia at 18 t, Peru at 16 t, and the Philippines at 8 t).
Note
LBMA captures only a fraction of total global ASM production, estimated by Metals Focus at ~845 tonnes.
Silver Sourcing (33,446 tonnes total | ▼ 3% YoY)
Recycled Silver: 18,885 tonnes; Mined Silver: 14,561 tonnes
Notable Country-Level Trends
China: Gold recycling surged by 190 tonnes to reach 908 tonnes. In silver, reported mining volume spiked to 5,272 tonnes (up 2,212 tonnes), contrasting with independent estimates showing a modest national mine output drop.
Switzerland: Maintained its status as the largest European source for gold, accounting for 743 tonnes.
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