Summary

Iran denies that FM Abbas Araghchi’s trip to Pakistan will include new talks with US, rejecting reports that Trump is sent his negotiating team to restart negotiations.

24/7 shuttle diplomacy (via Al Jazeera): There’’ been shuttle diplomacy, and as one diplomat said, it’s been relentless diplomacy that has been put forward by Pakistan from all sides.

Iran’s military says finger on the trigger: “greater power & readiness than before.”

Pakistani mediators are “cautiously optimistic” despite it being clear negotiations have been at a stalemate.

US x Iran permanent peace deal by June 30, 2026?
Yes 53% · No 48%
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Iran Foreign Ministry Insists ‘No Meeting is Planned’ Even With US Delegation En Route

Not too much that’s new or bombshell happened overnight, with a second round of US-Iran negotiations still in limbo, but with the US delegation led by Witkoff-Kushner said to be departing Saturday or else en route. A small Iranian team has already been there since Friday, engaging the Pakistanis, also amid reports that they will submit a written presentation of their conditions for ceasefire and where things stand from Tehran’s point of view.

Iran has denied that Foreign Minister Abbas Araghchi’s trip to Pakistan will include new talks with Washington, rejecting reports that President Trump is sending envoys Steve Witkoff and Jared Kushner to actually restart negotiations. So once the US side arrives, it would be interesting to see what happens next. Potentially they could start in separate rooms with messages delivered, and thus the interaction would be indirect.

Foreign Ministry spokesman Esmaeil Baqaei said in a post on X early Saturday that “no meeting is planned to take place between Iran and the US” during the visit and that Tehran’s positions will instead be conveyed to Pakistan. Araghchi said earlier he is undertaking a “timely tour” of Islamabad, Muscat, and Moscow to “closely coordinate” with partners on bilateral issues and consult on regional developments. Iranian state media said the three-leg trip forms part of Tehran’s ongoing diplomatic push to secure an end to US-Israeli aggression.

Iran FM’s arrival earlier, via Pakistan PM office/AFP, Getty Images

Reports of ‘Optimism’ amid ‘Stalemate’ in Talks

At the moment there’s no direct contact between Tehran in Washington on the diplomatic front. The Pakistanis have been back at the center of shuttling messages back and forth between US and Iranian officials. Al Jazeera has presented commentary Saturday citing “optimism” but also an ongoing stalemated situation:

So we are still in that stalemate, but Pakistani officials are telling us that their presence here and the Americans coming is an indication that behind-the-scenes diplomacy is working.

There’s been shuttle diplomacy, and as one diplomat said, it’s been relentless diplomacy that has been put forward by Pakistan from all sides.

There’s been, in the last 24 hours, conversations that have been held not just between the Pakistanis and Iranians, but also between the Pakistanis and the Russians – Russia is going to be one more stop when the Iranian foreign minister leaves.

An important overnight headline: Sources close to Pakistan-Iran talks say negotiations are progressing through “Iranian concessions” in exchange for “American flexibility regarding the issue of frozen funds,” according to Al Hadath.

And also this: Al Jazeera’s correspondent in Islamabad said Pakistani mediators are “cautiously optimistic” regarding Iran-US talks.

Iran’s President Masoud Pezeshkian:

The enemy is attacking our infrastructure and putting us under siege so that people become dissatisfied.

We currently do not need the people’s sacrifice, but we request that people reduce electricity and energy consumption.

For example, at… pic.twitter.com/Nq2A8WMqPC

— Ariel Oseran أريئل أوسيران (@ariel_oseran) April 25, 2026

Iran Military: Ready & Waiting To Fight

Iran’s military warned the United States it will face the “reaction of Iran’s powerful armed forces” if the blockade of Iranian ports continues, according to Tasnim News Agency.

The Khatam al-Anbiya Central Headquarters said the armed forces possess “greater power and readiness than before to defend sovereignty, territory, and national interests, which the country’s army experienced part of this power and offensive capability during the Third Imposed War.” 

This is actually consistent with what even Trump predicted – that the ceasefire has been used by Iran to regroup, rearm, and reposition its forces.

Currently the only regional fighting remains in Lebanon between Israel and Hezbollah, despite there technically being a Trump-backed three week Lebanon ceasefire:

Israel is exporting its Gaza model to Lebanon.
Demolition by demolition, the Israeli military is changing the face of southern Lebanon, razing towns and villages to create a buffer zone. Israeli officials say it’s necessary to protect its residents from Hezbollah threats. pic.twitter.com/64qAebvKOl

— Jeremy Diamond (@JDiamond1) April 24, 2026

“We are ready and determined, while monitoring the behavior and movements of enemies in the region and continuing to manage and control the strategic Strait of Hormuz, to inflict even heavier damage on the American Zionist enemies in case of another aggression,” the Iranian military statement added.

US Law Set 60-day Limit on Unauthorized Wars, So What Next?

CNN reports that “A post-Vietnam law puts a 60-day clock on the use of military force without congressional authorization.” Congress has indeed been missing in action, with several efforts of a handful of members on the House and Senate sides having put forth War Powers resolutions, which keep getting defeated. But the 60-day mark comes up on May 1, but it’s anyone’s guess what happens next. 

According to the CNN report, the law lays out a timeline for undeclared wars:

First, 48 hours. The president must notify Congress within 48 hours of introducing the armed forces “into hostilities” and explain the scope, justification and likely duration of the effort.

In his notification to Congress about Iran, Trump, like other presidents, said he committed troops under a president’s inherent authority in the Constitution to “conduct United States foreign relations.”

Second, 60 days. Congress must authorize the use of force within 60 days of receiving that notification or, the law says, the military action must be terminated by the president.

Third, a possible extra 30 days. Trump can extend the 60-day clock for another 30 days if he argues that continued military action is needed to keep service members safe while withdrawing from the war. Trump has said he won’t be rushed into making a bad deal to end the war.

It goes without saying that the longer this drags on, and with an open-ended timeline, the more politically costly it will likely be for Republicans headed into next Fall’s midterms.

Chinese exporters are finally passing on the pain – right as they’re experiencing a major shortage of a key industrial material. After years of cutting prices amid overcapacity and cutthroat competition, manufacturers are now raising prices on everything from swimsuits and ski suits to medical syringes and air conditioners. The culprit: the Iran war’s energy shock, which has sent oil-linked input costs skyrocketing and is now rippling straight through to global store shelves.

Customs data compiled by Trade Data Monitor and analyzed by Bloomberg reveal sharp year-on-year price jumps in March across more than a dozen categories of household goods – the first sustained reversal in a disinflationary trend that had helped keep a lid on inflation from the U.S. to Europe for nearly three years.

“I held off raising prices for as long as I could in March, but in the end I had no choice,” said Pang Ling, sales manager at a Shanghai-based medical catheter maker. “I panicked watching plastic costs climb almost every single day.”

Products reliant on rubber, plastic, and oil-derived chemicals were hit hardest. Syringes saw prices surge as much as 20%. Synthetic-fiber goods – including swimsuits, women’s trousers, and ski suits – rose in the low- to mid-single digits as polyester and fiber suppliers hiked prices daily. Home appliances faced a double squeeze from higher metals and semiconductor costs. Even as some sectors like toys cut prices under weak demand, the broader picture is clear: the era of ultra-cheap Chinese goods is ending.

The numbers tell the story. China’s export prices had been falling steadily since May 2023, shaving an estimated 0.3–0.5 percentage points off headline inflation in advanced economies, according to Capital Economics. That buffer is now vanishing. Bloomberg Economics says above-3% inflation in 2026 is “back in play” across the euro area, U.S., and U.K. – a dramatic reversal from pre-war forecasts of cooling prices. Goldman Sachs expects overall Chinese export prices to turn positive as soon as March data, due out around April 25.

A 10% rise in oil costs typically lifts Chinese export prices by about 50 basis points over the following year, with the peak impact hitting four to five months later, Goldman estimates. The full effect hasn’t hit consumers yet – many March shipments were ordered weeks or months earlier – but the pipeline is filling with higher costs.

The Ethane Shock: Why Plastic Prices Are Set to Soar

Nowhere is the pressure more acute – or more politically explosive – than in plastics.

As we noted earlier this week, China is facing a severe ethane shortage that is about to supercharge costs across the entire plastics supply chain. Ethane, a natural gas liquid, is the primary feedstock for producing ethylene, the essential building block for plastics used in everything from medical catheters and syringes to clothing fibers, packaging, and consumer goods.

For years, China relied heavily on naphtha and liquefied petroleum gas (LPG) from the Middle East. In February, just before the war, more than 50% of China’s naphtha imports and over 40% of its LPG purchases came from Persian Gulf nations. That supply line has now been severed for as long as the Strait of Hormuz remains blocked. China holds massive strategic petroleum reserves – 1.5 billion barrels of crude – but it has virtually no stockpiles of naphtha or ethane. Its petrochemical industry is suddenly, dangerously exposed.

The International Energy Agency warned last week that “petrochemical feedstocks display the most immediate effects of the war by far,” with Asian supply chains thrown into “disarray.” Naphtha-fed crackers still account for 57% of China’s ethylene capacity, compared with just 16% for ethane-based units.

Desperate for alternatives, Chinese petrochemical producers are turning to the United States in record volumes. Shipments of U.S. ethane are expected to hit an all-time high of 800,000 tons in April – roughly 60% above the monthly average – according to Chinese consultant JLC. Some crackers can switch to ethane, helping offset the naphtha and LPG shortfall.

But this lifeline comes at a steep and rising price. Ethane has become the preferred feedstock because it is cheaper and more stable than crude-linked naphtha right now – profits from ethane-based ethylene were tenfold those of naphtha as of April 15, JLC data show. New capacity, including Wanhua Chemical Group’s ethane unit and Sinopec Ineos’s multi-feed cracker, has also boosted demand.

A tanker docked at liquid petroleum gas-ethane storage tanks. Photographer: Nathan Laine/Bloomberg

The result? Polyvinyl chloride (PVC) – Pang’s key input – surged as much as 80% in March from pre-war levels and remains about 50% higher even after a partial pullback. With naphtha alternatives cut off and ethane imports surging, plastic resin and downstream product prices are poised to climb sharply in the coming months. Competition and weak domestic demand may limit how much Chinese firms can pass on, but the input-cost pressure is now structural, not temporary.

The timing adds a geopolitical layer. China’s buying spree comes just weeks before President Donald Trump’s planned mid-May visit to Beijing. U.S. energy exports are expected to feature prominently in talks — especially if the Iran conflict drags on. One year ago, during the height of U.S.-China tariff tensions, analysts openly debated the mutual dependencies: America’s need for Chinese rare earths versus China’s near-total reliance on U.S. ethane for its plastics industry. 

Via Remix News,

A move to end the EU-Israel Association Agreement has been struck down, led by objections from Germany, Austria, and Italy. The accord, in existence since 2000, has served as the framework for EU-Israeli relations pertaining to both trade and foreign policy, with a key pillar being Israel’s access to the markets of EU member states.

13 October 2025, Berlin: The flags of Israel, the EU and Germany fly in front of the Berlin House of Representatives. Following the release of the hostages held in Gaza, the House of Representatives also raised the flag of Israel as a sign of solidarity with the state of Israel and its people. Photo: Jens Kalaene/dpa (Photo by Jens Kalaene/picture alliance via Getty Images)

Last week, Spain, Ireland and Slovenia wrote a letter to the EU High Representative for Foreign Affairs Kaja Kallas, citing Israel’s decisions by Prime Minister Benjamin Netanyahu, as well as laws passed by its parliament and actions taken by its military.

It cited, most recently, the death penalty approved by the Israeli parliament as evidence of “systematic persecution, oppression, violence and discrimination exerted against the Palestinian population.”

“In such a grave situation, we call on the European Union to uphold its moral and political responsibility, and to defend the very core values that have underpinned the European project since its foundation,” they wrote.

Going even further, the letter highlighted that Israel has essentially broken its agreement with the European Union. “Not only a grave violation of fundamental human rights, but also a step backwards in Israel’s commitment to democratic principles, as underlined by your March 31 statement, and therefore a violation of Article 2 of the EU-Israel Association Agreement.”

Spain has cited Article 2 for more than two years to take action against Israel and attempt to invalidate the agreement.

“Bold and immediate action is required, and all actions must remain on the table. The European Union can no longer remain on the sidelines,” the letter concluded.

However, the ministers gathered at the  Foreign Affairs Council meeting in Luxembourg ultimately rejected the proposal.

German Foreign Minister Johann Wadephul called any move to suspend the agreement “inappropriate,” reports Politico, joined by his Austrian counterpart in a push for “critical, constructive dialogue.” 

Before the meeting, Italian Foreign Minister Antonio Tajani told reporters that “There are neither the numerical nor the political conditions” for such a measure to be taken.  

A partial suspension requiring majority approval would also not have passed, given Italy and Germany’s objections. According to Politico, Kallas did raise the possibility of targeted measures that do not dismantle the wider trade agreement and do not require unanimity, with Tajani reportedly supporting her on this. “I believe it is better to sanction individually those responsible, I am thinking of violent settlers,” he stated.

The next type of aerial system likely to be stockpiled at scale by militaries worldwide is the interceptor drone. We’ve already seen early evidence of this across Eurasia, with Ukraine selling its interceptor drones to the highest bidder.

The Russia-Ukraine war accelerated the development of cheap one-way attack drones. Early in the war, missile interceptors used by Ukraine were too costly and drained the stockpiles of Western militaries at dangerous rates.

The proliferation of cheap interceptor drones levels the playing field and provides a low-cost solution against Russian-produced Geran and Iranian-designed Shahed attack drones.

Ukraine’s interceptor drones are emerging as a cheap solution, costing roughly $1,000 to $3,000 each versus about $4 million for a Patriot missile used to down $20,000 Shahed drones. In the economics of war, this mismatch matters because missile use, especially in the U.S.-Iran conflict, has already outstripped the U.S.’ annual production capacity.

Ukrainian President Volodymyr Zelensky has previously stated that Ukraine can produce at least 2,000 interceptors per day and could double that with more investment, supplying another 1,000 daily to allies.

First, we are capable of producing at least 2,000 effective and combat-proven interceptors every day. We can produce more – it depends on investment. We need about 1,000 interceptors a day, and we can supply at least another 1,000 a day to our allies.

Second, we know how to… pic.twitter.com/vIB2qRho8P

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) March 17, 2026

This comes as Zelensky has emerged as a “Lord of War,” with Ukraine pitching its highly developed, low-cost drones and robotic warfare technology to the highest bidder.

According to war blog UNITED24 Media, these are the four main interceptors Ukraine is offering to its allies around the world:

P1-SUN, by Skyfall

The most publicized yet is the P1-SUN, a Ukrainian play on words referring to its phallic bullet shape.

Created by SkyFall, it’s a high-speed drone designed to take off vertically. At a speed of between 300 km/h, typical, and 450 km/h for its upper estimate, it’s one of the fastest drones on the market, able to take out the most common models of Shahed-136 that cruise at roughly 185 km/ hour.

However, the new jet-powered Shahed-238, which can reach up to 550-600 km/h, can prove much more difficult to stop in the long run. The P1-SUN can reach an altitude of up to 5 kilometers. It is also guided by a pilot and has optional AI-assisted targeting.

The drone costs roughly $1,000 to produce and can carry a small modular charge, depending on the needs and the target. The company estimated it could manufacture up to 50,000 interceptor drones a month and export 5,000 to 10,000 without hampering local needs, Reuters reported.

As of March, SkyFall appears to be the clearest large-scale commercial player, described by Reuters as a major drone maker, with the P1-SUN interceptor among the main anti-Shahed systems now drawing foreign demand.

STING, by Wild Hornet

The STING, produced by Wild Hornet, is also a serious contender for international exports. Also bullet-shaped, the STING looks roughly the same as the P1-SUN, with its four high-trust motors, designed to maximize forward acceleration but not hover efficiency.

Tuned to outrun Shahed drones, this model has a proven speed of roughly 280 km/h, can reach up to 7 kilometers in altitude, has a range of up to 37 kilometers, and has an endurance of up to 15 minutes, the company says.  

The interceptor can be guided by a pilot and, through AI, automatically lock the target during its final phase. The model has a daylight and a thermal camera, allowing it to detect Shahed engine heat at night. It can hold some warheads weighing 500 grams, according to the company.

Combat-proven and priced between $1,000 and $2,500, it’s cheap and scalable, producing 10,000 units or more per month, says the company representative.

STRILA, by WIY DRONES

The STRILA, described by its manufacturer, WIY DRONES, as a “rocket-type air-defense” interceptor despite its four motors, can reach speeds of over 350 km/h and, during testing, was accelerated to 400 km/h, the company said.

The interceptor is reportedly capable of operating at a distance of up to 14 km in tactical mode and covering up to 28 km at maximum range, reaching altitudes of up to 4 kilometers.

Its latest Strila system version features a communication system that enables operation without GPS and increases resistance to electronic warfare jamming.

The operator can now also switch communication channels during flight. The daytime and night cameras have also been upgraded.

The company says it is currently manufacturing about 100 interceptors per day, has begun serial deliveries under government contracts, and cut the unit price to roughly $2,300 in January 2026.

Zerov-8, by The Fourth Law

The Fourth Law recently unveiled the Zerov-8, a vertical takeoff and landing interceptor that can turn mid-flight horizontally, resembling a small quadrimotor airplane.

Compared to the P1-SUN and the STING, it trades agility for efficiency and range, with a 20-kilometer radius, the company says. It can reach a maximum speed of 326 km/h, making it slower than its quadcopter challengers but more efficient in cruise mode during horizontal flight.

Its core feature? An AI-based detection and tracking module that allows it to identify Shahed, track them autonomously, and guide the interceptor on its own during its terminal phase before impact, according to the company.

The Zerov-8 can carry a 0.5 kg warhead and thermal cameras, but the company didn’t disclose its price, as it’s still at an experimental state.

Octopus, by Project OCTOPUS

The Octopus, a high-speed quadcopter interceptor, has a maximum speed of 300 km/h, a combat radius of roughly 30 km, can reach up to 4.5 kilometers in altitude and has an endurance of 15 minutes with a payload of 1.2 kg, Ukrainian military-tech company TAF Drones Industries said.

Thanks to its automatic terminal guidance module and AI image recognition, it can pick a target and finish it off without pilot output, according to the Royal United Service Institute (RUSI).

Ukraine and the UK were set to begin the joint production of 1,000 Octopus interceptor drones per month starting in February 2026, Ukraine’s former Defense Minister Denys Shmyhal announced in January. The drones themselves were presented in London by Zelenskyy in late October 2025.

Separate from Ukraine, war news outlet Defense Blog has revealed that Russia has “begun front-line deployment of the fixed-wing Lys-2 counter-drone interceptor after a test phase, distributing it directly to combat units.”

Russia has begun deploying the Lys-2 counter-drone interceptor to front-line units, marking a move from testing to operational use.

Read more: https://t.co/R9kInuTN35 pic.twitter.com/CFuJLTvJhj

— Dylan Malyasov | 🧐 (@DylanMalyasov) April 20, 2026

Not to be the bearer of bad news, but stopping the rise of ‘Skynet’ looks nearly impossible at this point.

Ukraine Becomes World’s AI Weapons Laboratory

Russia’s deployment of next-generation counter-drone interceptors highlights the hyperdevelopment now underway in low-cost aerial warfare, where both interceptor drones and Shahed-style one-way attack drones are increasingly likely to be stockpiled by the millions across the world’s militaries.

Via Remix News,

The year 2026 will go down in the history of European integration as a special moment. The European Union, under the banner of protecting democracy, has begun systematically restricting freedom of speech and real political pluralism. Thus, it embarks on the well-trodden historical paths of every authoritarian regime, resorting to violence and censorship as public support wanes.

A report recently published by the Ordo Iuris Institute leaves no doubt: we are dealing with a project for a profound overhaul of the public sphere that will primarily target conservative communities, including Catholics.

Jerzy Kwasniewski, the head of the conservative institute Ordo Iuris. (AP Photo/Czarek Sokolowski)

The new EU mechanisms, ironically referred to as the “Democracy Shield,” are not a single piece of legislation. This is a coordinated regulatory system—from the Digital Services Act (DSA), through codes of conduct on “hate speech” and “disinformation,” to the regulation on political advertising. Their common denominator is the now-official departure from the European cult of free speech and its replacement with a system of preventive restrictions, in the name of… true freedom and democracy.

The European Commission claims that its aim is to create a “safe” information space in which “reliable” messages are meant to dominate, that is, in practice, narratives aligned with the liberal consensus . The problem is that the criteria for the EU’s “credibility,” for what is considered prohibited “disinformation,” and—what is particularly harmful—”divisive speech” are extremely vague and prone to ideological interpretation. As a result, it will not even be independent courts, but online platforms cooperating with non-governmental organizations selected by Brussels that will decide what content may reach citizens of the European Union. Including Polish citizens.

This system is multi-stage. First—mechanisms for reporting and removing content that, in practice, incentivize rapid takedowns, even at the expense of freedom of expression. Secondly—a labeling system under which statements labeled as “unverified,” “misleading,” or “political” are subject to mandatory restrictions on platforms such as Facebook or X. Thirdly—there is to be algorithmic intervention that limits the reach of content deemed problematic.

It is worth emphasizing the role of so-called trusted flaggers and fact-checker networks. It is precisely these entities, often financed with public funds from the European Union or the Member States and ideologically uniform, that gain a privileged position in the content moderation process. In practice, this means cleverly delegating censorship to entities that are not subject to any democratic oversight.

Even more troubling are the regulations concerning political advertising. The definition of “political speech” has been framed so broadly that it encompasses not only the activities of political parties but also public awareness campaigns concerning the protection of life, the family, or national identity. This means that Catholic pro-life organizations or movements defending marriage as the union between a woman and a man may be subjected to restrictive requirements and even sanctions. Even now, our own Ordo Iuris Institute and Center for Life and Family, as well as our friends from Polonia Christiana’s PCH24 news portal and their editorial team should start preparing to implement a “replacement language.” The censorship game, well known here in Poland from the communist era, is making a comeback.

At the same time, restrictions on the targeting and funding of political messages make it much more difficult to reach voters. In practice, the largest platforms, such as Facebook, have already stopped running “political” ads to avoid legal risk. It is no longer possible to freely promote petitions opposing abortion or same-sex unions there.

The Polish political context cannot be ignored. The introduction of these instruments specifically in 2026, just before the crucial parliamentary campaign in Poland, is no coincidence. Restricting the reach of conservative speech, making it harder to organize public-interest campaigns, and selectively labeling content as “problematic” will have a real impact on election results.

From the perspective of socially engaged Catholics, this is particularly dangerous. Unequivocal assessments concerning the protection of life from conception, the indissolubility of marriage, the condemnation of the aberrations of gender ideology, and even clear support for national sovereignty within the European Union will increasingly be classified as “controversial” or “divisive.” In the new regulatory model, such content may be restricted not directly—through a ban—but through invisible mechanisms of reach reduction and stigmatization.

This does not, of course, mean that the state has no right to combat crimes online or to protect citizens from real threats. The problem is that the European Union has crossed the line between protection and control, between security and social engineering.

Therefore today, more than ever, courage is needed to defend freedom and the right to publicly proclaim one’s faith. Not as a privilege for the select few, but as the foundation of a healthy society. If we allow, under the pretext of combating “disinformation,” the voices of those who defend life, the family, and sovereignty to be curtailed, democracy will quickly become a grim dictatorship hidden behind a facade of apparent diversity and tolerance.

The latest data from ILGA – the International Lesbian, Gay, Bisexual, Trans and Intersex Association, a global federation that monitors laws and rights affecting LGBT people – show that consensual same‑sex relations remain criminalized in a significant number of countries, with a small but deadly minority still prescribing the death penalty.

You will find more infographics at Statista“>As Statista’s Tristan Gaudiat shows in the chart below, according to ILGA’s database, over 60 countries around the world still criminalize consensual same‑sex activity, mostly through prison sentences of varying lengths (from fines and short terms to long jail terms). A smaller group of roughly a dozen countries even retains the death penalty for such acts.

This includes national laws in countries such as Afghanistan, Iran, Saudi Arabia and the United Arab Emirates, as well as regional sharia provisions applied in parts of Nigeria and Somalia.

You will find more infographics at Statista

Enforcement varies widely: in some places, the statutes are rarely applied but create a pervasive climate of legal insecurity and social stigma, while in others, capital punishment is actively enforced.

Recent spikes in prosecutions have sharpened human‑rights concerns in certain regions.

Uganda significantly stepped up enforcement after a controversial law was introduced in 2023, and renewed legislative pressure in 2025 led to several high‑profile prosecutions.

In Southeast Asia, Brunei’s expanded sharia penalties – first announced in 2019 and subsequently rolled out in stages, including provisions allowing death by stoning – continue to provoke international condemnation.

Gold demand during one of India’s key buying festivals stayed muted on Sunday as record prices curbed jewellery purchases, ​offsetting a modest uptick in investment demand, according to Reuters. 

Indians celebrated Akshaya Tritiya, the ‌second-biggest gold-buying festival after Dhanteras, when purchasing precious metals is considered auspicious. Only this time near record gold prices – the precious metal closed just over $4800 – kept buyer enthusiasm rather subdued. 

“The sharp rally in prices curbed jewellery demand. In volume terms, buying was lower as consumers ​held back, though in value terms spending was higher due to ​elevated prices,” said Amit Modak, chief executive of PN Gadgil ⁠and Sons, a Pune-based jeweller.

Since consumers are, like everyone else, subject to the laws of supply and demand, it is natural that a higher price will lead to lower demand. Gold prices hit a record high of $5,594.82 ​per ounce on January 29 and are now trading just over $4,800.

Gold futures in ​India, the world’s second-biggest gold consumer, closed at 154,609 rupees ($1,670) per 10 grams on Friday, nearly 63% higher than at the last Akshaya Tritiya festival. Except in a few ​southern Indian states, demand was lower than normal across the rest ​of the country, said Surendra Mehta, national secretary at the India Bullion and Jewellers Association. Meanwhile retail ‌buyers ⁠have been stacking shifting toward gold coins, which are easier to liquidate, even as jewellers offered discounts on fees for crafting jewellery to attract buyers, said a Mumbai-based jeweller.