GOLD PRICES INCREASED AS TRADERS WAITED FOR U.S. INFLATION DATA.

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Price Increase: Gold prices rose by 1.21% to close at ₹70,738, driven by safe-haven inflows as investors awaited U.S. inflation data that could influence the Federal Reserve's interest rate outlook.

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Fed Rate Cut Speculation: Fed Governor Michelle Bowman hinted at progress on inflation, leading markets to price in a 49% chance of a 50 basis point rate cut in September.

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Indian Gold Demand: In India, gold demand slightly increased due to a price correction, although market volatility caused some buyers to delay their purchases.

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Geopolitical Tensions: Geopolitical concerns, particularly Russia's evacuation of civilians near Ukraine amid increased military activity, further boosted gold's appeal as a safe-haven asset.

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Chinese Market Activity: In China, gold premiums firmed, with dealers charging up to $9 an ounce over official domestic prices, compared to $7 last week, reflecting rising interest in gold bars as a safe-haven asset.

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China's Central Bank: China's central bank did not purchase gold for the third consecutive month in July, despite the increased demand for gold bars.

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Other Asian Markets: In other Asian markets, gold was sold at par to a $1.25 premium per ounce in Singapore and between a $0.5 discount and a $2 premium in Hong Kong.

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Indian Gold Demand Decline: The World Gold Council reported a 5% year-on-year decline in India's gold demand for the June quarter, though demand is expected to improve in the second half of 2024.

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Demand Outlook in India: India's gold demand is expected to rise in the second half of 2024, driven by a reduction in import taxes and favorable monsoon rains ahead of the festival season.

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