Overview
- On August 1 in India, gold traded at Rs 98,840 per 10 grams, with silver also holding steady after last week’s volatility.
- Late-July swings in bullion rates responded to weaker US job openings data, Federal Reserve rate-hold signals, a softer rupee alongside rising oil prices.
- India’s gold consumption volume declined 10% to 134.9 tonnes in the April-June quarter while its value climbed 30% to ₹1.22 lakh crore on record prices.
- Global gold demand grew 3% to 1,249 tonnes in Q2, propelled by 170 tonnes of ETF inflows that underpinned investment.
- Investors are now eyeing upcoming US macroeconomic releases for guidance on Federal Reserve policy with potential implications for bullion’s trajectory.