Gold prices are declining, falling below $3,200 due to reduced safe-haven demand stemming from optimism surrounding the US-China trade truce, despite a weaker US dollar resulting from increased expectations of Federal Reserve rate cuts following soft US economic data. While geopolitical tensions, including the Russia-Ukraine peace talks showing little progress due to Putin's absence and intensified Israeli military actions in Gaza, remain, they haven't been enough to counter the bearish sentiment driven by the positive trade developments. The weaker-than-expected US Producer Price Index and Retail Sales data have reinforced expectations of Fed rate cuts, further weakening the dollar but failing to significantly support gold.

India is rapidly becoming the world's primary driver of oil demand growth, surpassing China earlier than anticipated with projected increases of 3.4% in 2025 and 4.3% in 2026, more than double China's growth rates. This surge in consumption is fueled by India's strong economic growth driven by consumer spending, manufacturing expansion, and government support, with diesel being the largest contributor due to road expansion and growth in transport and petrochemical sectors, alongside rising bitumen demand for infrastructure projects. While the U.S. remains the top global oil consumer, India's growth pace is unmatched, accounting for a significant portion of global demand growth. India's actual fuel demand data shows a strong upward trend, with record-high crude imports of 5.4 million bpd in March, solidifying its position as the fastest-growing oil demand center, led by Russia as the top supplier.