Gold prices fell 0.91% to $99,417 on Wednesday, as a series of new trade deals boosted investor confidence. This included lower-than-expected reciprocal tariffs of 15%, below the threatened 25%. Similar deals with the Philippines and Indonesia further dampened demand for gold, with market attention now turning to next week’s Federal Reserve meeting, when rates are widely expected to remain steady.
In June, Switzerland’s gold exports rose 44%, the highest since August 2019. This indicates strong demand for gold in London’s gold reserves. Despite this, demand for gold in India remained subdued. As a result, retail prices fell short of record highs, forcing dealers to increase their discounts to $10 an ounce from $8 previously. India imported 21 tonnes of gold in June, the lowest in almost two years. This is a 40% decline from last year.
