Gold prices fell 0.22% to $98,769, pressured by a stronger US dollar and Fed signals. While noting continued economic uncertainty, the Fed report emphasized strong inflation and low unemployment.
In June, Swiss gold exports to the UK rose 44% to 83.8 metric tons, a sign of growing investor interest in Western vaults. But for the second consecutive month, China’s gold imports fell, falling 36.3% in June to their lowest level since January. Demand for jewelry fell as consumer sentiment in India eased. According to the World Gold Council, jewelry demand fell 14% year-on-year in the second quarter to 341 tonnes, bar investments increased 21%, central bank gold purchases fell 21% to 166.5 tonnes, and investment in gold ETFs reached the highest level since the beginning of 2020.
