One might expect higher #gold prices to put a drag on demand for gold jewelry, but surprisingly, the impact has been minimal, at least so far in the United States.

India’s retail demand for gold jewelry has been significantly impacted by the surge in gold prices to new all-time highs since the beginning of the year, the World Gold Council said. Despite record-high prices putting pressure on jewelry demand,

One local merchant said, "Gold just took off like a rocket ship in the last few months," adding, "We're all along for the ride."

The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year.

Gold prices surged to a record high on Thursday, as fears of a global trade war sparked by U.S. President Donald Trump's tariff threats fueled safe-haven demand for the precious metal.