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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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International News

Candidates From India, China and The UAE Running For President Of The WFDB

The Election Reflects Power Shifts In The Trade As Well As Open Questions About The WFDB’s Character and Future.

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Three candidates from India, China and the United Arab Emirates (UAE) are running for president of the World Federation of Diamond Bourses (WFDB) in an election that reveals contrasting approaches to the organization and the industry. s (WFDB) in an election that reveals contrasting approaches to the organization and the industry.

Bharat Diamond Bourse (BDB) vice president Mehul Shah, Shanghai Diamond Exchange (SDE) president Lin Qiang, and Dubai Diamond Exchange (DDE) chairman Ahmed Bin Sulayem have put their names forward ahead. Israel’s Yoram Dvash is standing down after completing the maximum two three-year terms.

The key theme is a split between preserving the federation’s traditional, experience-led model and pushing a younger, reform-minded approach.

Candidate positions

Mehul Shah is presented as the continuity candidate: he wants to strengthen the federation, add members, and restore its earlier influence, but he argues that younger leaders should first gain experience in junior roles.

Ahmed Bin Sulayem is linked with a reformist, younger-leaning camp that wants fresh leadership and modernization, with David Troostwyk and Molefi Letsiki on the same informal slate.

Lin Qiang’s role is more institutionally grounded, with recent WFDB and Shanghai ties showing China’s growing involvement in the federation’s outreach and industry strategy.

Industry context

The election is happening against broader concern about the WFDB’s relevance as lab-grown diamonds reshape the market and as influence shifts toward bodies like the World Diamond Council.

WFDB leadership tracker: track the Executive Committee, presidential election rules, and potential future candidates from India, China, and the UAE.

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