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
CIBJO Alert: Fraudsters Offering Gold-Related Business Deals Under The CIBJO Name
Fraudsters Have Set Up A Domain, cibjo-as.org, and A Person Identifying Himself As Bruce Ikemezu Claims Association With the Site
The World Jewellery Confederation (CIBJO) has alerted the trade to a fresh wave of fraud after impersonators registered a website and began offering gold-related business deals under the organization’s name.
CIBJO said became aware of claims strikingly similar to an earlier scam exposed in January. This time fraudsters have set up a domain, cibjo-as.org, and a person identifying himself as Bruce Ikemezu claims association with the site, the confederation reported.
Unlike CIBJO — a nonprofit representative association that does not trade in physical commodities or financial instruments — the impostors appear to be promoting commercial activity. CIBJO does not trade in any commercial products, the secondhand gold market, nor financial instruments such as gold futures, the organization said in a statement.
CIBJO has no connection to ‘cibjo-as.org’ or Bruce Ikemezu. Any persons making claims in CIBJO’s name are not authorized to do so, and quite possibly could be committing a criminal act.
The confederation said it has filed formal complaints with law-enforcement authorities in multiple countries and urged industry members to exercise caution. Businesses approached with unusual offers should carry out rigorous due diligence before making payments or sharing sensitive information, CIBJO advised. Members who are contacted by individuals claiming to represent CIBJO were told to verify credentials with the CIBJO secretariat.
This alert follows a similar incident in January when an Indian-Japanese group falsely claimed a gold-trading affiliation with CIBJO, highlighting an ongoing pattern of bad actors exploiting the confederation’s name to lend credibility to fraudulent schemes.
Industry parties and buyers are warned to treat unsolicited offers that invoke CIBJO with skepticism and to report suspicious activity to both CIBJO and local authorities.
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