Gold News

On Monday morning, precious metal prices challenged key resistance levels. Meanwhile, Heraeus analysts believe gold may have already run out of steam due to weakening investment demand for physical bullion.

Russia’s precious metals exports to China nearly doubled in the first half of the year, as record-high gold prices boosted revenues for Russian suppliers. China’s imports of precious metals and concentrates from Russia, including gold and silver, surged 80% year-on-year to $1 billion.

According to Reuters, investors will be monitoring the progress of US trade negotiations with China on Monday and awaiting the Federal Reserve (Fed) meeting scheduled for next week. In this regard, gold prices are holding within a narrow range.

The Financial Times reports that US President Donald Trump may soon sign an executive order permitting alternative assets like cryptocurrencies and precious metals in 401(k) retirement plans, according to a White House statement.

An increase of the indicator value may contribute to the rise in quotes of Gold.

According to Reuters, gold demand in India remained subdued this week as prices hovered near record highs. Sellers are now offering discounts of up to $10 per ounce over official domestic costs (including taxes).

Ray Jia, analyst at the World Gold Council (WGC), notes that the Chinese gold market set new records in the first half of the year. Shanghai gold prices and inflows into precious metal-backed ETFs reached their highest levels, indicating market stability.

According to Kavita Chacko of the World Gold Council (WGC), India's gold market maintained steady investment demand in June despite weaker jewelry sales and lower imports. Gold prices rose 0.3% in June and gained another 2% in July, supported by geopolitical tensions and a weaker dollar.

According to Swissquote Bank analyst Ipek Ozkardeskaya, undermining the independence of the US central bank will lead to extremely negative consequences. In these circumstances, she advised investors to look at safe haven assets, especially gold.

Analysts at Canada's BCA Research predict gold prices will keep climbing as industrial metals lose appeal. Weak economic activity in China and higher US import tariffs are reducing demand for copper, iron ore and even oil.