Gold rose 0.24% to close at ₹96,691. The US Federal Reserve’s (Fed) June meeting action notes gave a nod to a rate cut. The bank’s dovish approach, given the tax-related inflation and economic data, confirms the central bank’s stance.
As for the central bank’s stance, China’s gold reserves rose slightly in June to 73.90 million ounces. Total global gold purchases in May rose by 20 tonnes, led by Kazakhstan, Turkey and Poland. Gold trade discount in India fell to $14/ounce, as imports declined, but rose to $33/ounce in China, indicating higher demand than elsewhere.
In the first half of 2025, gold ETFs experienced their largest half-year inflows since 2020 — adding a total of $38 billion and 397.1 tons, holding a total of 3,615.9 tons of gold.
